Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10385
Pacific Funds Series Trust
(Exact name of registrant as specified in charter)
700 Newport Center Drive, P.O. Box 7500
Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)
Robin S. Yonis
Vice President, General Counsel and Assistant Secretary of Pacific Funds Series Trust
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Anthony H. Zacharski, Esq.
Dechert LLP
90 State House Square
Hartford, CT 06103
Registrant’s telephone number, including area code:949-219-6767
Date of fiscal year end: March 31
Date of reporting period:September 30, 2019
FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Table of Contents
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule30e-1 under the Act (17 CFR270.30e-1).
Table of Contents
September 30, 2019
SEMI-ANNUAL REPORT
Table of Contents
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2019
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-4 | ||||
B-7 | ||||
B-13 | ||||
C-1 | ||||
D-1 | ||||
D-4 | ||||
D-5 |
Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.
Beginning January 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of Pacific Funds shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from Pacific Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Pacific Funds electronically by contacting Pacific Funds using one of the methods listed in the Where To Go For More Information section or by contacting your financial intermediary directly.
You may elect to receive all future reports in paper free of charge. You can inform Pacific Funds or your financial intermediary that you wish to continue receiving paper copies by contacting Pacific Funds using one of the methods listed in the Where To Go For More Information section or by contacting your financial intermediary directly. Your election to receive reports in paper will apply to all communications received for all Funds held with Pacific Funds.
Table of Contents
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION CONSERVATIVE
Schedule of Investments
September 30, 2019 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.3% | ||||||||
Pacific Funds Core Income ‘P’ | 647,373 | $7,121,101 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 609,080 | 6,048,164 | ||||||
Pacific Funds High Income ‘P’ | 1,562,996 | 15,817,515 | ||||||
PF Inflation Managed Fund ‘P’ | 1,436,725 | 13,189,139 | ||||||
PF Managed Bond Fund ‘P’ | 7,884,111 | 88,144,364 | ||||||
PF Short Duration Bond Fund ‘P’ | 3,690,816 | 37,461,779 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,268,037 | 11,742,018 | ||||||
Pacific FundsSmall-Cap Growth ‘P’ | 58,201 | 665,823 | ||||||
PF Developing Growth Fund ‘P’ | 24,441 | 435,775 | ||||||
PF Growth Fund ‘P’ | 74,184 | 2,175,814 | ||||||
PFLarge-Cap Value Fund ‘P’ | 351,997 | 4,480,918 | ||||||
PF Multi-Asset Fund ‘P’ | 3,423,582 | 35,331,362 | ||||||
PFSmall-Cap Value Fund ‘P’ | 139,598 | 1,168,436 | ||||||
PF Emerging Markets Fund ‘P’ | 145,267 | 2,131,062 | ||||||
PF InternationalLarge-Cap Fund ‘P’ | 108,301 | 1,326,687 | ||||||
PF InternationalSmall-Cap Fund ‘P’ | 120,979 | 1,144,466 | ||||||
PF International Value Fund ‘P’ | 169,437 | 1,262,307 | ||||||
PF Real Estate Fund ‘P’ | 278,031 | 3,789,562 | ||||||
PF Currency Strategies Fund ‘P’ * | 735,219 | 6,815,483 | ||||||
|
| |||||||
Total Affiliated Mutual Funds |
| 240,251,775 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% |
| 240,251,775 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) |
| (625,019 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $239,626,756 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Funds’ composition as a percentage of net assets was as follows: |
Pacific Funds Portfolio Optimization Conservative |
| |||
Affiliated Fixed Income Funds | 74.9% | |||
Affiliated Equity Funds | 25.4% | |||
|
| |||
100.3% | ||||
Other Assets & Liabilities, Net | (0.3% | ) | ||
|
| |||
100.0% | ||||
|
|
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% | ||||||||
Pacific Funds Core Income ‘P’ | 747,763 | $8,225,396 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 708,608 | 7,036,480 | ||||||
Pacific Funds High Income ‘P’ | 2,089,944 | 21,150,238 | ||||||
PF Inflation Managed Fund ‘P’ | 947,723 | 8,700,097 | ||||||
PF Managed Bond Fund ‘P’ | 9,158,534 | 102,392,407 | ||||||
PF Short Duration Bond Fund ‘P’ | 3,276,674 | 33,258,238 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,655,841 | 15,333,091 | ||||||
Pacific FundsSmall-Cap Growth ‘P’ | 84,560 | 967,362 | ||||||
PF Developing Growth Fund ‘P’ | 35,329 | 629,921 | ||||||
PF Growth Fund ‘P’ | 309,352 | 9,073,282 | ||||||
PFLarge-Cap Value Fund ‘P’ | 1,599,177 | 20,357,523 | ||||||
PF Multi-Asset Fund ‘P’ | 7,421,396 | 76,588,807 | ||||||
PFSmall-Cap Value Fund ‘P’ | 405,624 | 3,395,073 | ||||||
PF Emerging Markets Fund ‘P’ | 432,637 | 6,346,780 | ||||||
PF InternationalLarge-Cap Fund ‘P’ | 499,097 | 6,113,944 | ||||||
PF InternationalSmall-Cap Fund ‘P’ | 349,969 | 3,310,711 | ||||||
PF International Value Fund ‘P’ | 872,542 | 6,500,434 | ||||||
PF Real Estate Fund ‘P’ | 674,087 | 9,187,812 | ||||||
PF Currency Strategies Fund ‘P’ * | 1,068,603 | 9,905,951 | ||||||
|
| |||||||
Total Affiliated Mutual Funds |
| 348,473,547 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% |
| 348,473,547 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) |
| (562,231 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $347,911,316 | ||||||
|
|
Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||
Affiliated Fixed Income Funds | 56.4% | |||
Affiliated Equity Funds | 43.8% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Funds’ investments are affiliated mutual funds. |
(c) | Fair Value Measurements |
The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $240,251,775 | $240,251,775 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $348,473,547 | $348,473,547 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-1
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE
Schedule of Investments
September 30, 2019 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION GROWTH
Schedule of Investments
September 30, 2019 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% |
| |||||||
Pacific Funds Core Income ‘P’ | 1,546,412 | $17,010,533 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 1,090,097 | 10,824,663 | ||||||
Pacific Funds High Income ‘P’ | 4,290,524 | 43,420,101 | ||||||
PF Inflation Managed Fund ‘P’ | 1,173,623 | 10,773,856 | ||||||
PF Managed Bond Fund ‘P’ | 19,981,868 | 223,397,288 | ||||||
PF Short Duration Bond Fund ‘P’ | 6,372,975 | 64,685,698 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,270,655 | 21,026,261 | ||||||
Pacific FundsSmall-Cap Growth ‘P’ | 522,637 | 5,978,971 | ||||||
PF Developing Growth Fund ‘P’ | 218,706 | 3,899,526 | ||||||
PF Growth Fund ‘P’ | 2,718,589 | 79,736,208 | ||||||
PFLarge-Cap Value Fund ‘P’ | 5,669,632 | 72,174,419 | ||||||
PF Multi-Asset Fund ‘P’ | 36,698,205 | 378,725,474 | ||||||
PFSmall-Cap Value Fund ‘P’ | 2,519,718 | 21,090,040 | ||||||
PF Emerging Markets Fund ‘P’ | 1,700,762 | 24,950,175 | ||||||
PF InternationalLarge-Cap Fund ‘P’ | 1,499,144 | 18,364,517 | ||||||
PF InternationalSmall-Cap Fund ‘P’ | 1,093,424 | 10,343,796 | ||||||
PF International Value Fund ‘P’ | 2,697,046 | 20,092,992 | ||||||
PF Real Estate Fund ‘P’ | 2,074,664 | 28,277,676 | ||||||
PF Currency Strategies Fund ‘P’ * | 2,753,175 | 25,521,931 | ||||||
|
| |||||||
Total Affiliated Mutual Funds |
| 1,080,294,125 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% |
| 1,080,294,125 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) |
| (1,909,556 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $1,078,384,569 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Funds’ composition as a percentage of net assets was as follows: |
Pacific Funds Portfolio Optimization Moderate | ||||
Affiliated Equity Funds | 63.9% | |||
Affiliated Fixed Income Funds | 36.3% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% |
| |||||||
Pacific Funds Core Income ‘P’ | 509,186 | $5,601,048 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 421,826 | 4,188,729 | ||||||
Pacific Funds High Income ‘P’ | 2,517,747 | 25,479,595 | ||||||
PF Inflation Managed Fund ‘P’ | 460,925 | 4,231,291 | ||||||
PF Managed Bond Fund ‘P’ | 7,207,846 | 80,583,723 | ||||||
PF Short Duration Bond Fund ‘P’ | 1,648,651 | 16,733,807 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,329,964 | 12,315,469 | ||||||
Pacific FundsSmall-Cap Growth ‘P’ | 814,105 | 9,313,361 | ||||||
PF Developing Growth Fund ‘P’ | 344,646 | 6,145,039 | ||||||
PF Growth Fund ‘P’ | 1,827,493 | 53,600,372 | ||||||
PFLarge-Cap Value Fund ‘P’ | 4,036,663 | 51,386,717 | ||||||
PF Multi-Asset Fund ‘P’ | 40,617,764 | 419,175,322 | ||||||
PFSmall-Cap Value Fund ‘P’ | 2,971,676 | 24,872,924 | ||||||
PF Emerging Markets Fund ‘P’ | 2,152,898 | 31,583,014 | ||||||
PF InternationalLarge-Cap Fund ‘P’ | 1,854,841 | 22,721,805 | ||||||
PF InternationalSmall-Cap Fund ‘P’ | 858,608 | 8,122,436 | ||||||
PF International Value Fund ‘P’ | 3,285,176 | 24,474,565 | ||||||
PF Real Estate Fund ‘P’ | 1,960,623 | 26,723,287 | ||||||
PF Currency Strategies Fund ‘P’ * | 1,714,808 | 15,896,269 | ||||||
|
| |||||||
Total Affiliated Mutual Funds |
| 843,148,773 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 843,148,773 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) |
| (1,237,160 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $841,911,613 | ||||||
|
|
Pacific Funds Portfolio Optimization Growth |
| |||
Affiliated Equity Funds | 82.4% | |||
Affiliated Fixed Income Funds | 17.7% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Funds’ investments are affiliated mutual funds. |
(c) | Fair Value Measurements |
The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Moderate |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $1,080,294,125 | $1,080,294,125 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Growth |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $843,148,773 | $843,148,773 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-2
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH
Schedule of Investments
September 30, 2019 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% |
| |||||||
Pacific Funds Core Income ‘P’ | 28,331 | $311,636 | ||||||
Pacific Funds High Income ‘P’ | 151,967 | 1,537,910 | ||||||
PF Managed Bond Fund ‘P’ | 389,578 | 4,355,479 | ||||||
PF Short Duration Bond Fund ‘P’ | 597,789 | 6,067,558 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 161,601 | 1,496,423 | ||||||
Pacific FundsSmall-Cap Growth ‘P’ | 365,899 | 4,185,885 | ||||||
PF Developing Growth Fund ‘P’ | 154,708 | 2,758,442 | ||||||
PF Growth Fund ‘P’ | 1,063,875 | 31,203,445 | ||||||
PFLarge-Cap Value Fund ‘P’ | 1,329,941 | 16,930,146 | ||||||
PF Multi-Asset Fund ‘P’ | 17,007,789 | 175,520,385 | ||||||
PFSmall-Cap Value Fund ‘P’ | 1,957,190 | 16,381,682 | ||||||
PF Emerging Markets Fund ‘P’ | 889,715 | 13,052,118 | ||||||
PF InternationalLarge-Cap Fund ‘P’ | 565,174 | 6,923,385 | ||||||
PF InternationalSmall-Cap Fund ‘P’ | 462,427 | 4,374,559 | ||||||
PF International Value Fund ‘P’ | 1,006,553 | 7,498,820 | ||||||
PF Real Estate Fund ‘P’ | 715,786 | 9,756,166 | ||||||
PF Currency Strategies Fund ‘P’ * | 462,322 | 4,285,729 | ||||||
|
| |||||||
Total Affiliated Mutual Funds |
| 306,639,768 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% |
| 306,639,768 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) |
| (465,902 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $306,173,866 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 95.7% | |||
Affiliated Fixed Income Funds | 4.5% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Fund’s investments are affiliated mutual funds. |
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Affiliated Mutual Funds | $306,639,768 | $306,639,768 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-3
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM ULTRA SHORT INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 60.1% |
| |||||||
Basic Materials - 2.2% |
| |||||||
Barminco Finance Pty Ltd (Australia) | $150,000 | $154,294 | ||||||
Glencore Funding LLC (Switzerland) | 200,000 | 200,696 | ||||||
Syngenta Finance NV (Switzerland) | 200,000 | 200,687 | ||||||
|
| |||||||
555,677 | ||||||||
|
| |||||||
Communications - 6.3% |
| |||||||
AT&T Inc | 400,000 | 403,638 | ||||||
Charter Communications Operating LLC | 250,000 | 252,273 | ||||||
Comcast Corp | 250,000 | 250,849 | ||||||
Sprint Spectrum Co LLC | 300,000 | 301,875 | ||||||
Verizon Communications Inc | 375,000 | 380,776 | ||||||
|
| |||||||
1,589,411 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.7% |
| |||||||
Alimentation Couche-Tard Inc (Canada) | 250,000 | 250,042 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 268,393 | 271,762 | ||||||
Ford Motor Credit Co LLC | 250,000 | 249,999 | ||||||
Marriott International Inc | 250,000 | 250,984 | ||||||
McDonald’s Corp | 150,000 | 150,075 | ||||||
|
| |||||||
1,172,862 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 7.1% |
| |||||||
BAT International Finance PLC (United Kingdom) | 200,000 | 200,619 | ||||||
Cigna Corp | 375,000 | 375,015 | ||||||
CVS Health Corp | 125,000 | 125,638 | ||||||
ERAC USA Finance LLC | 228,000 | 228,016 | ||||||
General Mills Inc | 100,000 | 100,256 | ||||||
Imperial Brands Finance PLC (United Kingdom) | 200,000 | 200,757 | ||||||
Mondelez International Holdings Netherlands BV | 200,000 | 200,104 | ||||||
Moody’s Corp | 100,000 | 102,942 | ||||||
PayPal Holdings Inc | 250,000 | 250,755 | ||||||
|
| |||||||
1,784,102 | ||||||||
|
|
Principal Amount | Value | |||||||
Energy - 8.2% |
| |||||||
Enbridge Inc (Canada) | $150,000 | $150,032 | ||||||
Energy Transfer Operating LP | 250,000 | 262,787 | ||||||
Enterprise Products Operating LLC | 300,000 | 300,056 | ||||||
Exxon Mobil Corp | 250,000 | 251,045 | ||||||
Kinder Morgan Energy Partners LP | 250,000 | 255,152 | ||||||
MPLX LP | 150,000 | 150,519 | ||||||
Occidental Petroleum Corp | 500,000 | 503,318 | ||||||
Sabine Pass Liquefaction LLC | 200,000 | 206,652 | ||||||
|
| |||||||
2,079,561 | ||||||||
|
| |||||||
Financial - 25.3% |
| |||||||
American Campus Communities Operating Partnership LP REIT | 109,000 | 110,190 | ||||||
American Express Credit Corp | 103,000 | 103,653 | ||||||
AvalonBay Communities Inc REIT | 220,000 | 219,939 | ||||||
3.625% due 10/01/20 | 200,000 | 202,219 | ||||||
Bank of America Corp | 150,000 | 150,976 | ||||||
2.639% (USD LIBOR + 0.380%) due 01/23/22 § | 100,000 | 100,007 | ||||||
2.756% (USD LIBOR + 0.650%) due 06/25/22 § | 250,000 | 250,949 | ||||||
Capital One NA | 250,000 | 249,894 | ||||||
Citigroup Inc | 150,000 | 150,941 | ||||||
3.236% (USD LIBOR + 0.960%) due 04/25/22 § | 350,000 | 353,815 | ||||||
HSBC Holdings PLC (United Kingdom) | 200,000 | 203,813 | ||||||
Jackson National Life Global Funding | 250,000 | 252,531 | ||||||
JPMorgan Chase & Co | 350,000 | 351,186 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 250,000 | 251,736 | ||||||
Morgan Stanley | 150,000 | 150,776 | ||||||
3.683% (USD LIBOR + 1.400%) due 10/24/23 § | 250,000 | 254,634 | ||||||
MUFG Bank Ltd (Japan) | 200,000 | 200,158 | ||||||
New York Life Global Funding | 400,000 | 401,229 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-4
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS ULTRA SHORT INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
PNC Bank NA | $250,000 | $250,024 | ||||||
Reckson Operating Partnership LP REIT | 200,000 | 204,686 | ||||||
Royal Bank of Canada (Canada) | 200,000 | 201,986 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 450,000 | 451,803 | ||||||
SunTrust Bank | 200,000 | 200,055 | ||||||
The Bank of New York Mellon Corp | 200,000 | 200,087 | ||||||
The Goldman Sachs Group Inc | 250,000 | 251,386 | ||||||
2.898% (USD LIBOR + 0.750%) due 02/23/23 § | 250,000 | 249,942 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 200,000 | 204,593 | ||||||
WEA Finance LLC REIT (France) | 200,000 | 202,063 | ||||||
|
| |||||||
6,375,271 | ||||||||
|
| |||||||
Industrial - 3.2% |
| |||||||
Honeywell International Inc | 200,000 | 201,187 | ||||||
Penske Truck Leasing Co LP | 100,000 | 100,606 | ||||||
Roper Technologies Inc | 250,000 | 262,628 | ||||||
United Technologies Corp | 250,000 | 250,024 | ||||||
|
| |||||||
814,445 | ||||||||
|
| |||||||
Technology - 1.1% |
| |||||||
Apple Inc | 125,000 | 125,558 | ||||||
Hewlett Packard Enterprise Co | 150,000 | 150,343 | ||||||
|
| |||||||
275,901 | ||||||||
|
| |||||||
Utilities - 2.0% |
| |||||||
Duke Energy Progress LLC | 250,000 | 250,197 | ||||||
Florida Power & Light Co | 250,000 | 250,072 | ||||||
|
| |||||||
500,269 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 15,147,499 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 6.0% |
| |||||||
Consumer, Cyclical - 2.0% |
| |||||||
Hilton Worldwide Finance LLC TermB-2 | 250,000 | 251,788 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 248,724 | 248,879 | ||||||
|
| |||||||
500,667 | ||||||||
|
|
Principal Amount | Value | |||||||
Financial - 1.0% |
| |||||||
Avolon (US) LLC TermB-3 (Ireland) | $250,000 | $251,375 | ||||||
|
| |||||||
Industrial - 2.0% |
| |||||||
GFL Environmental Inc Term B (Canada) | 248,741 | 246,875 | ||||||
Reynolds Group Holdings Inc Term B | 248,721 | 249,401 | ||||||
|
| |||||||
496,276 | ||||||||
|
| |||||||
Utilities - 1.0% |
| |||||||
Vistra Operations Co LLC TermB-1 | 250,000 | 251,198 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 1,499,516 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 24.7% |
| |||||||
AmeriCredit Automobile Receivables Trust | 39,515 | 39,507 | ||||||
1.800% due 10/08/21 | 352,282 | 352,010 | ||||||
1.900% due 03/18/22 | 208,056 | 207,734 | ||||||
1.980% due 12/20/21 | 367,177 | 366,998 | ||||||
2.880% due 07/08/21 | 310,001 | 310,331 | ||||||
Apidos CLO XXIII (Cayman) | 250,000 | 249,688 | ||||||
Benefit Street Partners CLO VI Ltd (Cayman) | 250,000 | 249,989 | ||||||
CIFC Funding2015-V Ltd (Cayman) | 250,000 | 249,506 | ||||||
Dryden 43 Senior Loan Fund (Cayman) | 250,000 | 250,288 | ||||||
GM Financial Consumer Automobile | 122,857 | 122,849 | ||||||
2.258% (USD LIBOR + 0.230%) due 08/16/22 § | 200,000 | 200,090 | ||||||
Magnetite VIII Ltd (Cayman) | 215,000 | 214,248 | ||||||
Navient Private Education Loan Trust | 103,000 | 102,985 | ||||||
2.728% (USD LIBOR + 0.700%) due 09/16/24 § ~ | 174,905 | 175,008 | ||||||
Navient Student Loan Trust | 151,269 | 151,303 | ||||||
Nelnet Student Loan Trust | 43,884 | 43,879 | ||||||
Palmer Square Loan Funding Ltd (Cayman) | 250,000 | 250,000 | ||||||
2.953% (USD LIBOR + 0.650%) due 07/15/26 § ~ | 182,060 | 182,002 | ||||||
Santander Drive Auto Receivables Trust | 229,750 | 229,748 | ||||||
2.660% due 11/15/21 | 218,341 | 218,536 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-5
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS ULTRA SHORT INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
2.750% due 09/15/21 | $60,568 | $60,581 | ||||||
2.970% due 07/15/21 | 160,923 | 160,984 | ||||||
3.010% due 03/15/22 | 120,120 | 120,258 | ||||||
SLC Student Loan Trust | 91,404 | 91,165 | ||||||
SLM Private Education Loan Trust | 108,346 | 108,324 | ||||||
SLM Student Loan Trust | 48,407 | 48,409 | ||||||
SMB Private Education Loan Trust | 281,551 | 281,537 | ||||||
2.348% (USD LIBOR + 0.320%) due 12/16/24 § ~ | 245,346 | 245,270 | ||||||
2.778% (USD LIBOR + 0.750%) due 10/15/35 § ~ | 96,925 | 97,027 | ||||||
Sofi Consumer Loan Program Trust | 250,000 | 250,318 | ||||||
Sofi Professional Loan Program LLC | 98,357 | 98,390 | ||||||
Voya CLO Ltd (Cayman) | 250,000 | 249,950 | ||||||
3.433% (USD LIBOR + 1.130%) due 10/15/30 § ~ | 250,000 | 249,687 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 6,228,599 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 2.8% |
| |||||||
U.S. Treasury Notes - 2.8% |
| |||||||
1.375% due 08/31/20 | 250,000 | 248,950 | ||||||
1.500% due 08/31/21 | 450,000 | 448,708 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 697,658 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENTS - 6.8% |
| |||||||
Money Market Fund - 1.9% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 469,884 | $469,884 | ||||||
|
| |||||||
Principal Amount | ||||||||
U.S. Treasury Bill - 4.9% |
| |||||||
2.056% due 12/26/19 | $1,250,000 | 1,244,675 | ||||||
|
| |||||||
Total Short-Term Investments |
| 1,714,559 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.4% |
| 25,287,831 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.4%) |
| (98,686 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $25,189,145 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 60.1% | |||
Asset-Backed Securities | 24.7% | |||
Short-Term Investments | 6.8% | |||
Senior Loan Notes | 6.0% | |||
Others (each less than 3.0%) | 2.8% | |||
|
| |||
100.4% | ||||
Other Assets & Liabilities, Net | (0.4% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $15,147,499 | $— | $15,147,499 | $— | |||||||||||||
Senior Loan Notes | 1,499,516 | — | 1,499,516 | — | ||||||||||||||
Asset-Backed Securities | 6,228,599 | — | 5,978,599 | 250,000 | ||||||||||||||
U.S. Treasury Obligations | 697,658 | — | 697,658 | — | ||||||||||||||
Short-Term Investments | 1,714,559 | 469,884 | 1,244,675 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $25,287,831 | $469,884 | $24,567,947 | $250,000 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-6
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SHORT DURATION INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 55.4% |
| |||||||
Basic Materials - 2.1% |
| |||||||
Anglo American Capital PLC (South Africa) | $5,000,000 | $5,135,812 | ||||||
Barminco Finance Pty Ltd (Australia) | 2,475,000 | 2,545,847 | ||||||
DuPont de Nemours Inc | 6,965,000 | 7,060,290 | ||||||
Glencore Funding LLC (Switzerland) | 3,000,000 | 3,031,890 | ||||||
4.125% due 03/12/24 ~ | 2,500,000 | 2,629,440 | ||||||
|
| |||||||
20,403,279 | ||||||||
|
| |||||||
Communications - 4.1% |
| |||||||
Alibaba Group Holding Ltd (China) | 2,856,000 | 2,901,460 | ||||||
AT&T Inc | 3,000,000 | 3,074,294 | ||||||
Charter Communications Operating LLC | 4,738,000 | 4,781,079 | ||||||
DISH DBS Corp | 2,000,000 | 2,027,500 | ||||||
Sprint Communications Inc | 3,000,000 | 3,195,000 | ||||||
Sprint Spectrum Co LLC | 6,250,000 | 6,289,062 | ||||||
Tencent Holdings Ltd (China) | 2,765,000 | 2,769,659 | ||||||
The Interpublic Group of Cos Inc | 2,000,000 | 2,050,856 | ||||||
The Walt Disney Co | 2,800,000 | 2,774,673 | ||||||
Verizon Communications Inc | 10,250,000 | 10,416,744 | ||||||
|
| |||||||
40,280,327 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.4% |
| |||||||
Alimentation Couche-Tard Inc (Canada) | 3,000,000 | 3,023,592 | ||||||
Beazer Homes USA Inc | 700,000 | 713,125 | ||||||
British Airways Pass-Through Trust ‘A’ (United Kingdom) | ||||||||
3.350% due 12/15/30 ~ | 2,800,000 | 2,861,715 | ||||||
4.625% due 12/20/25 ~ | 1,395,005 | 1,480,240 | ||||||
Daimler Finance North America LLC (Germany) | ||||||||
2.300% due 02/12/21 ~ | 5,000,000 | 5,005,256 | ||||||
3.750% due 11/05/21 ~ | 2,100,000 | 2,159,717 | ||||||
Delta Air Lines Inc | 2,050,000 | 2,054,176 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 1,498,400 | 1,517,205 | ||||||
Delta Air Lines Pass-Through Trust ‘AA’ | 3,000,000 | 3,137,596 | ||||||
Ford Motor Credit Co LLC | ||||||||
2.681% due 01/09/20 | 1,000,000 | 999,997 | ||||||
3.065% (USD LIBOR + 0.930%) due 09/24/20 § | 2,000,000 | 2,000,283 | ||||||
5.584% due 03/18/24 | 2,300,000 | 2,447,864 | ||||||
General Motors Financial Co Inc | ||||||||
3.414% (USD LIBOR + 1.310%) due 06/30/22 § | 2,745,000 | 2,747,452 | ||||||
3.550% due 07/08/22 | 3,000,000 | 3,065,566 | ||||||
Hyatt Hotels Corp | 2,900,000 | 2,998,839 |
Principal Amount | Value | |||||||
Hyundai Capital America | $2,100,000 | $2,142,673 | ||||||
Jack Ohio Finance LLC | 2,000,000 | 2,047,500 | ||||||
Las Vegas Sands Corp | 2,100,000 | 2,141,727 | ||||||
Marriott International Inc | 2,000,000 | 2,100,461 | ||||||
Sands China Ltd (Macau) | 3,300,000 | 3,499,581 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
3.650% due 07/07/27 | 653,646 | 664,903 | ||||||
4.625% due 03/03/24 | 626,627 | 646,616 | ||||||
4.750% due 10/11/23 | 475,980 | 490,331 | ||||||
US Airways Pass-Through Trust ‘A’ | 687,296 | 724,603 | ||||||
Walmart Inc | 2,650,000 | 2,757,472 | ||||||
|
| |||||||
53,428,490 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 7.9% |
| |||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | ||||||||
3.500% due 01/12/24 | 5,350,000 | 5,655,575 | ||||||
4.150% due 01/23/25 | 2,000,000 | 2,186,475 | ||||||
Anthem Inc | 2,950,000 | 2,936,134 | ||||||
BAT Capital Corp (United Kingdom) | ||||||||
2.764% due 08/15/22 | 4,500,000 | 4,544,266 | ||||||
2.765% (USD LIBOR + 0.590%) due 08/14/20 § | 2,400,000 | 2,404,992 | ||||||
BAT International Finance PLC (United Kingdom) | 2,640,000 | 2,697,861 | ||||||
Bausch Health Cos Inc | 1,575,000 | 1,630,125 | ||||||
Bristol-Myers Squibb Co | 2,050,000 | 2,116,732 | ||||||
Campbell Soup Co | 2,280,000 | 2,280,080 | ||||||
Cigna Corp | ||||||||
2.876% (USD LIBOR + 0.890%) due 07/15/23 § | 2,300,000 | 2,306,399 | ||||||
3.200% due 09/17/20 | 4,000,000 | 4,039,675 | ||||||
General Mills Inc | ||||||||
3.313% (USD LIBOR + 1.010%) due 10/17/23 § | 3,100,000 | 3,124,442 | ||||||
3.700% due 10/17/23 | 1,965,000 | 2,069,827 | ||||||
Global Payments Inc | 6,000,000 | 6,032,904 | ||||||
Humana Inc | 1,500,000 | 1,500,000 | ||||||
Keurig Dr Pepper Inc | ||||||||
3.130% due 12/15/23 | 4,500,000 | 4,645,156 | ||||||
3.551% due 05/25/21 | 2,500,000 | 2,555,999 | ||||||
4.057% due 05/25/23 | 3,000,000 | 3,176,357 | ||||||
4.417% due 05/25/25 | 1,000,000 | 1,093,054 | ||||||
Mars Inc | 2,150,000 | 2,207,850 | ||||||
McKesson Corp | 2,350,000 | 2,388,823 | ||||||
Moody’s Corp | 3,000,000 | 3,034,710 | ||||||
PayPal Holdings Inc | 5,000,000 | 5,015,095 | ||||||
Takeda Pharmaceutical Co Ltd (Japan) | 3,500,000 | 3,624,883 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 4,500,000 | 4,128,750 | ||||||
|
| |||||||
77,396,164 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-7
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Energy - 4.6% |
| |||||||
Energy Transfer Operating LP | ||||||||
3.600% due 02/01/23 | $5,325,000 | $5,473,686 | ||||||
4.250% due 03/15/23 | 1,500,000 | 1,568,432 | ||||||
4.500% due 04/15/24 | 1,800,000 | 1,919,238 | ||||||
Enterprise Products Operating LLC | 4,500,000 | 4,658,451 | ||||||
Exxon Mobil Corp | 2,900,000 | 2,912,116 | ||||||
Harvest Operations Corp (South Korea) | 2,350,000 | 2,507,309 | ||||||
Kinder Morgan Inc | 5,136,000 | 5,707,754 | ||||||
MPLX LP | ||||||||
3.002% (USD LIBOR + 0.900%) due 09/09/21 § | 2,050,000 | 2,057,092 | ||||||
3.500% due 12/01/22 ~ | 4,900,000 | 5,042,934 | ||||||
Newfield Exploration Co | 3,500,000 | 3,867,057 | ||||||
Occidental Petroleum Corp | ||||||||
2.700% due 08/15/22 | 2,100,000 | 2,119,250 | ||||||
3.637% (USD LIBOR + 1.450%) due 08/15/22 § | 2,500,000 | 2,516,824 | ||||||
Sabine Pass Liquefaction LLC | 2,000,000 | 2,066,516 | ||||||
Shell International Finance BV (Netherlands) | 2,250,000 | 2,250,708 | ||||||
|
| |||||||
44,667,367 | ||||||||
|
| |||||||
Financial - 21.2% |
| |||||||
AerCap Ireland Capital DAC (Ireland) | ||||||||
3.300% due 01/23/23 | 3,100,000 | 3,163,455 | ||||||
4.250% due 07/01/20 | 2,407,000 | 2,440,424 | ||||||
Air Lease Corp | 2,000,000 | 2,022,480 | ||||||
American Express Co | ||||||||
2.500% due 08/01/22 | 2,000,000 | 2,020,903 | ||||||
2.500% due 07/30/24 | 1,400,000 | 1,412,354 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | 3,000,000 | 3,022,794 | ||||||
AvalonBay Communities Inc REIT | ||||||||
2.416% (USD LIBOR + 0.430%) due 01/15/21 § | 2,754,000 | 2,753,241 | ||||||
2.850% due 03/15/23 | 1,970,000 | 2,018,517 | ||||||
3.500% due 11/15/24 | 2,000,000 | 2,127,200 | ||||||
Avolon Holdings Funding Ltd (Ireland) | 4,150,000 | 4,210,797 | ||||||
Bank of America Corp | ||||||||
2.328% due 10/01/21 | 2,450,000 | 2,453,071 | ||||||
3.057% (USD LIBOR + 0.770%) due 02/05/26 § | 2,750,000 | 2,724,341 | ||||||
3.219% (USD LIBOR + 0.960%) due 07/23/24 § | 5,000,000 | 5,034,445 | ||||||
3.550% due 03/05/24 | 1,700,000 | 1,768,840 | ||||||
BOC Aviation Ltd (Singapore) | 3,500,000 | 3,501,873 | ||||||
Capital One NA | 2,000,000 | 1,999,151 | ||||||
Citibank NA | 1,000,000 | 1,001,804 | ||||||
Citigroup Inc | ||||||||
2.750% due 04/25/22 | 3,316,000 | 3,366,594 | ||||||
3.568% (USD LIBOR + 1.430%) due 09/01/23 § | 6,500,000 | 6,614,792 |
Principal Amount | Value | |||||||
Citizens Bank NA | ||||||||
3.054% (USD LIBOR + 0.950%) due 03/29/23 § | $2,000,000 | $2,013,244 | ||||||
3.250% due 02/14/22 | 2,500,000 | 2,561,743 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
2.490% (USD LIBOR + 0.480%) due 01/10/23 § | 3,000,000 | 2,988,991 | ||||||
2.973% (USD LIBOR + 0.860%) due 09/26/23 § ~ | 1,500,000 | 1,501,737 | ||||||
Credit Suisse Group AG (Switzerland) | 3,000,000 | 3,026,595 | ||||||
Crown Castle International Corp REIT | ||||||||
2.250% due 09/01/21 | 3,000,000 | 3,003,227 | ||||||
4.875% due 04/15/22 | 2,000,000 | 2,126,913 | ||||||
HSBC Holdings PLC (United Kingdom) | 3,400,000 | 3,460,613 | ||||||
Jackson National Life Global Funding | ||||||||
2.650% due 06/21/24 ~ | 5,000,000 | 5,070,084 | ||||||
3.300% due 02/01/22 ~ | 4,350,000 | 4,461,688 | ||||||
JPMorgan Chase & Co | ||||||||
2.972% due 01/15/23 | 2,000,000 | 2,036,471 | ||||||
2.989% (USD LIBOR + 0.730%) due 04/23/24 § | 4,000,000 | 3,992,686 | ||||||
3.176% (USD LIBOR + 0.900%) due 04/25/23 § | 3,450,000 | 3,471,678 | ||||||
3.513% (USD LIBOR + 1.230%) due 10/24/23 § | 3,500,000 | 3,557,764 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.400% due 06/17/22 ~ | 3,750,000 | 3,783,161 | ||||||
3.375% due 01/11/22 ~ | 1,800,000 | 1,852,447 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | ||||||||
2.623% due 07/18/22 | 1,750,000 | 1,764,771 | ||||||
2.665% due 07/25/22 | 3,000,000 | 3,029,746 | ||||||
3.127% (USD LIBOR + 0.860%) due 07/26/23 § | 2,000,000 | 2,006,343 | ||||||
3.218% due 03/07/22 | 2,150,000 | 2,200,496 | ||||||
Morgan Stanley | ||||||||
2.625% due 11/17/21 | 2,000,000 | 2,018,914 | ||||||
2.766% (SOFR + 0.830%) due 06/10/22 § | 2,500,000 | 2,507,842 | ||||||
3.208% (USD LIBOR + 0.930%) due 07/22/22 § | 5,000,000 | 5,039,193 | ||||||
3.683% (USD LIBOR + 1.400%) due 10/24/23 § | 1,500,000 | 1,527,805 | ||||||
5.750% due 01/25/21 | 2,000,000 | 2,091,994 | ||||||
New York Life Global Funding | ||||||||
2.426% (USD LIBOR + 0.440%) due 07/12/22 § ~ | 1,350,000 | 1,354,148 | ||||||
2.950% due 01/28/21 ~ | 3,000,000 | 3,038,840 | ||||||
3.250% due 08/06/21 ~ | 1,500,000 | 1,532,599 | ||||||
PNC Bank NA | 2,500,000 | 2,500,237 | ||||||
Royal Bank of Canada (Canada) | 2,000,000 | 2,007,315 | ||||||
Springleaf Finance Corp | 3,200,000 | 3,452,000 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | ||||||||
2.448% due 09/27/24 | 600,000 | 600,025 | ||||||
2.784% due 07/12/22 | 3,250,000 | 3,299,568 | ||||||
3.043% (USD LIBOR + 0.740%) due 01/17/23 § | 5,000,000 | 5,006,950 | ||||||
SunTrust Bank | 4,200,000 | 4,259,592 | ||||||
The Bank of New York Mellon Corp | 2,800,000 | 2,801,221 | ||||||
The Bank of Nova Scotia (Canada) | 3,200,000 | 3,229,517 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-8
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
The Goldman Sachs Group Inc | ||||||||
2.350% due 11/15/21 | $2,000,000 | $2,002,430 | ||||||
3.036% (USD LIBOR + 0.780%) due 10/31/22 § | 2,000,000 | 2,006,373 | ||||||
3.177% (USD LIBOR + 1.050%) due 06/05/23 § | 3,750,000 | 3,774,355 | ||||||
3.328% (USD LIBOR + 1.170%) due 05/15/26 § | 3,200,000 | 3,218,751 | ||||||
The Huntington National Bank | 3,500,000 | 3,585,329 | ||||||
The PNC Financial Services Group Inc | 1,650,000 | 1,744,419 | ||||||
UBS AG (Switzerland) | 4,200,000 | 4,217,526 | ||||||
US Bancorp | ||||||||
2.400% due 07/30/24 | 4,000,000 | 4,051,662 | ||||||
3.375% due 02/05/24 | 2,000,000 | 2,106,478 | ||||||
US Bank NA | 3,300,000 | 3,341,594 | ||||||
Ventas Realty LP REIT | 4,000,000 | 4,031,882 | ||||||
Wells Fargo & Co | ||||||||
2.625% due 07/22/22 | 4,400,000 | 4,450,511 | ||||||
3.069% due 01/24/23 | 2,000,000 | 2,038,269 | ||||||
3.450% due 02/13/23 | 3,000,000 | 3,100,991 | ||||||
Westpac Banking Corp (Australia) | 3,000,000 | 3,005,160 | ||||||
Zions Bancorp NA | 3,000,000 | 3,072,173 | ||||||
|
| |||||||
207,583,137 | ||||||||
|
| |||||||
Industrial - 3.9% |
| |||||||
Honeywell International Inc | 2,800,000 | 2,816,619 | ||||||
John Deere Capital Corp | 6,000,000 | 6,015,290 | ||||||
Masco Corp | 2,811,000 | 2,850,309 | ||||||
Penske Truck Leasing Co LP | ||||||||
2.700% due 11/01/24 ~ | 3,250,000 | 3,260,997 | ||||||
3.450% due 07/01/24 ~ | 2,300,000 | 2,393,262 | ||||||
4.125% due 08/01/23 ~ | 2,000,000 | 2,117,989 | ||||||
Reynolds Group Issuer Inc | 2,500,000 | 2,509,375 | ||||||
Roper Technologies Inc | ||||||||
2.350% due 09/15/24 | 700,000 | 701,013 | ||||||
3.650% due 09/15/23 | 5,000,000 | 5,252,555 | ||||||
Ryder System Inc | 3,000,000 | 3,157,344 | ||||||
United Technologies Corp | ||||||||
2.818% (USD LIBOR + 0.650%) due 08/16/21 § | 649,000 | 649,062 | ||||||
3.350% due 08/16/21 | 3,000,000 | 3,078,259 | ||||||
3.650% due 08/16/23 | 3,000,000 | 3,175,335 | ||||||
|
| |||||||
37,977,409 | ||||||||
|
| |||||||
Technology - 3.0% |
| |||||||
Broadcom Inc | ||||||||
3.125% due 04/15/21 ~ | 4,000,000 | 4,039,426 | ||||||
3.125% due 10/15/22 ~ | 2,500,000 | 2,532,386 | ||||||
3.625% due 10/15/24 ~ | 5,000,000 | 5,092,209 | ||||||
Fiserv Inc | 5,000,000 | 5,295,120 |
Principal Amount | Value | |||||||
International Business Machines Corp | ||||||||
2.576% (USD LIBOR + 0.400%) due 05/13/21 § | $6,000,000 | $6,025,113 | ||||||
2.850% due 05/13/22 | 6,000,000 | 6,133,859 | ||||||
|
| |||||||
29,118,113 | ||||||||
|
| |||||||
Utilities - 3.2% |
| |||||||
Ameren Corp | 2,000,000 | 2,012,448 | ||||||
American Electric Power Co Inc | 1,750,000 | 1,805,844 | ||||||
DTE Energy Co | 2,400,000 | 2,424,631 | ||||||
Duke Energy Corp | ||||||||
2.400% due 08/15/22 | 2,150,000 | 2,172,509 | ||||||
2.788% (USD LIBOR + 0.650%) due 03/11/22 § | 1,000,000 | 1,005,712 | ||||||
Duke Energy Progress LLC | 1,650,000 | 1,733,118 | ||||||
Evergy Inc | 4,350,000 | 4,347,504 | ||||||
FirstEnergy Corp | 3,800,000 | 3,859,150 | ||||||
Florida Power & Light Co | 2,000,000 | 2,000,577 | ||||||
NextEra Energy Operating Partners LP | 3,000,000 | 3,097,500 | ||||||
Sempra Energy | 5,000,000 | 4,995,973 | ||||||
Talen Energy Supply LLC | 1,500,000 | 1,481,250 | ||||||
|
| |||||||
30,936,216 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 541,790,502 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 9.8% |
| |||||||
Communications - 1.0% |
| |||||||
Diamond Sports Group LLC Term B | 250,000 | 251,680 | ||||||
Sprint Communications Inc Term B | ||||||||
4.563% (USD LIBOR + 2.500%) due 02/03/24 § | 2,927,450 | 2,909,885 | ||||||
5.063% (USD LIBOR + 3.000%) due 02/03/24 § | 1,985,000 | 1,983,743 | ||||||
Zayo Group LLC TermB-2 | 5,000,000 | 5,016,665 | ||||||
|
| |||||||
10,161,973 | ||||||||
|
| |||||||
Consumer, Cyclical - 2.5% |
| |||||||
American Builders & Contractors Supply Co Inc TermB-2 | 1,994,885 | 1,996,255 | ||||||
Burger King Term B (Canada) | 5,245,523 | 5,268,997 | ||||||
Caesars Resort Collection LLC Term B | 3,972,209 | 3,951,284 | ||||||
Golden Nugget LLC Term B | 3,403,739 | 3,402,319 | ||||||
Hilton Worldwide Finance LLC TermB-2 | 3,103,035 | 3,125,232 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-9
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Marriott Ownership Resorts Inc Term B | $3,573,000 | $3,596,789 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 3,450,898 | 3,453,034 | ||||||
|
| |||||||
24,793,910 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 2.4% |
| |||||||
Albertson’s LLC TermB-7 | 3,538,252 | 3,564,513 | ||||||
Avantor Funding Inc TermB-2 | 2,991,844 | 3,016,153 | ||||||
Bausch Health Americas Inc Term B | 5,666,806 | 5,696,155 | ||||||
Garda World Security Corp Term B (Canada) | 4,500,000 | 4,507,313 | ||||||
Refinitiv US Holdings Inc Term B | 1,994,975 | 2,008,224 | ||||||
Sunshine Luxembourg VII Sarl Term B | 2,250,000 | 2,262,305 | ||||||
US Foods Inc Term B | 2,443,558 | 2,454,502 | ||||||
|
| |||||||
23,509,165 | ||||||||
|
| |||||||
Financial - 1.0% |
| |||||||
MGM Growth Properties Operating | 6,429,439 | 6,452,546 | ||||||
USI Inc Term B | 3,448,607 | 3,394,006 | ||||||
|
| |||||||
9,846,552 | ||||||||
|
| |||||||
Industrial - 2.0% |
| |||||||
Advanced Disposal Services Inc Term B | 4,967,524 | 4,986,773 | ||||||
Berry Global Inc Term Q | 5,131,746 | 5,160,366 | ||||||
Filtration Group Corp Term B | 997,369 | 1,001,006 | ||||||
GFL Environmental Inc Term B (Canada) | 5,212,318 | 5,173,225 | ||||||
Reynolds Group Holdings Inc Term B | 3,160,008 | 3,168,647 | ||||||
|
| |||||||
19,490,017 | ||||||||
|
| |||||||
Technology - 0.3% |
| |||||||
Tempo Acquisition LLC Term B | 917,195 | 921,093 | ||||||
Vertafore Inc Term B | 1,488,750 | 1,450,508 | ||||||
|
| |||||||
2,371,601 | ||||||||
|
|
Principal Amount | Value | |||||||
Utilities - 0.6% |
| |||||||
Vistra Operations Co LLC TermB-1 | $5,512,235 | $5,538,650 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 95,711,868 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 20.7% |
| |||||||
Ally Auto Receivables Trust | 1,000,000 | 1,005,312 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.530% due 07/08/21 | 31,262 | 31,255 | ||||||
1.800% due 10/08/21 | 785,589 | 784,982 | ||||||
1.830% due 12/08/21 | 1,000,000 | 998,847 | ||||||
1.900% due 03/18/22 | 1,997,335 | 1,994,244 | ||||||
1.980% due 12/20/21 | 936,761 | 936,304 | ||||||
2.170% due 01/18/23 | 1,000,000 | 1,000,667 | ||||||
2.300% due 02/18/22 | 3,280,000 | 3,280,015 | ||||||
2.339% (USD LIBOR + 0.300%) due 01/18/23 § | 2,000,000 | 2,000,427 | ||||||
2.360% due 12/19/22 | 2,500,000 | 2,506,779 | ||||||
2.600% due 09/18/23 | 2,000,000 | 2,017,556 | ||||||
2.730% due 03/08/21 | 305,576 | 305,662 | ||||||
2.890% due 01/10/22 | 2,267,146 | 2,271,271 | ||||||
2.970% due 11/20/23 | 1,500,000 | 1,522,448 | ||||||
3.080% due 12/18/23 | 2,000,000 | 2,039,553 | ||||||
3.130% due 02/18/25 | 1,550,000 | 1,579,475 | ||||||
3.450% due 06/18/24 | 2,000,000 | 2,043,845 | ||||||
3.500% due 01/18/24 | 2,000,000 | 2,056,525 | ||||||
Apidos CLO XV ‘A1RR’ (Cayman) | 1,250,000 | 1,241,611 | ||||||
Apidos CLO XXV ‘A1R’ (Cayman) | 2,000,000 | 1,992,440 | ||||||
Apidos CLO XXX ‘A1A’ (Cayman) | 3,000,000 | 2,991,287 | ||||||
Atrium CLO XIII (Cayman) | 470,000 | 470,141 | ||||||
Benefit Street Partners CLO IV Ltd (Cayman) | 1,000,000 | 1,001,692 | ||||||
Benefit Street Partners CLO X Ltd (Cayman) | ||||||||
3.443% (USD LIBOR + 1.140%) due 01/15/29 § ~ | 3,050,000 | 3,052,371 | ||||||
4.053% (USD LIBOR + 1.750%) due 01/15/29 § ~ | 500,000 | 500,665 | ||||||
Buttermilk Park CLO Ltd ‘A1’ (Cayman) | 850,000 | 845,334 | ||||||
Capital Auto Receivables Asset Trust | 1,000,000 | 1,013,747 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 500,000 | 497,125 | ||||||
Carmax Auto Owner Trust ‘B’ | 4,000,000 | 4,113,202 | ||||||
CIFC Funding2015-III CLO Ltd (Cayman) | 3,000,000 | 2,989,727 | ||||||
Citibank Credit Card Issuance Trust | 1,255,000 | 1,254,389 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-10
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Dryden 33 Senior Loan CLO Fund (Cayman) | $2,000,000 | $2,002,083 | ||||||
Dryden 43 Senior Loan CLO Fund (Cayman) | 3,750,000 | 3,754,322 | ||||||
Dryden 55 CLO Ltd (Cayman) | 2,500,000 | 2,487,200 | ||||||
Dryden 58 CLO Ltd (Cayman) | 2,000,000 | 1,977,339 | ||||||
Dryden 61 CLO Ltd (Cayman) | 5,000,000 | 4,984,811 | ||||||
Dryden 64 CLO Ltd (Cayman) | 2,000,000 | 1,977,720 | ||||||
Dryden 75 CLO Ltd (Cayman) | 2,400,000 | 2,400,716 | ||||||
Ford Credit Auto Owner Trust | ||||||||
2.140% due 10/15/22 | 2,000,000 | 1,997,953 | ||||||
2.268% (USD LIBOR + 0.240%) due 02/15/22 § | 1,500,000 | 1,500,332 | ||||||
2.350% due 04/15/23 | 1,000,000 | 1,002,850 | ||||||
2.500% due 05/15/24 | 1,750,000 | 1,758,620 | ||||||
3.380% due 03/15/24 | 1,650,000 | 1,706,822 | ||||||
GM Financial Consumer Automobile Receivables Trust ‘B’ | 1,200,000 | 1,233,559 | ||||||
Magnetite VIII CLO Ltd (Cayman) | 2,000,000 | 1,993,000 | ||||||
MagnetiteXIV-R CLO Ltd ‘A1’ (Cayman) | 3,000,000 | 2,991,579 | ||||||
Magnetite XVIII CLO Ltd (Cayman) | 3,000,000 | 3,001,880 | ||||||
Magnetite XXI CLO Ltd ‘A’ (Cayman) | 1,000,000 | 1,000,079 | ||||||
Navient Private Education Loan Trust | 1,400,000 | 1,468,129 | ||||||
Navient Private Education Loan Trust ‘A1’ | 1,594,036 | 1,593,643 | ||||||
Navient Private Education Refi Loan Trust ‘A1’ | 3,516,284 | 3,552,336 | ||||||
Navient Private Education Refi Loan Trust ‘A2A’ | 2,000,000 | 2,029,027 | ||||||
Navient Student Loan Trust ‘A1’ | ||||||||
2.288% (USD LIBOR + 0.270%) due 02/27/68 § ~ | 2,523,301 | 2,526,457 | ||||||
2.428% (USD LIBOR + 0.400%) due 12/15/59 § ~ | 897,048 | 896,414 | ||||||
Navient Student Loan Trust ‘A2’ | 230,134 | 230,145 | ||||||
Navient Student Loan Trust ‘A2A’ | 2,000,000 | 2,088,580 | ||||||
Nelnet Student Loan Trust ‘A1’ | 145,367 | 145,351 | ||||||
OCP CLO Ltd (Cayman) | 2,000,000 | 1,996,930 | ||||||
Octagon Investment Partners 25 Ltd (Cayman) | 3,000,000 | 3,000,000 |
Principal Amount | Value | |||||||
OneMain Financial Issuance CLO Trust | $1,600,000 | $1,599,060 | ||||||
Palmer Square Loan Funding CLO Ltd (Cayman) | ||||||||
due 10/24/27 § # ~ ± | 2,000,000 | 2,000,000 | ||||||
2.953% (USD LIBOR + 0.650%) due 07/15/26 § ~ | 2,002,658 | 2,002,027 | ||||||
3.043% (USD LIBOR + 0.740%) due 10/15/25 § ~ | 2,815,485 | 2,817,738 | ||||||
Regatta Funding CLO LP (Cayman) | 3,000,000 | 3,006,808 | ||||||
Regatta X Funding CLO Ltd ‘A’ (Cayman) | 3,000,000 | 2,987,343 | ||||||
Regatta XIV Funding CLO Ltd ‘A’ (Cayman) | 2,500,000 | 2,488,931 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.280% due 09/15/23 | 2,500,000 | 2,505,265 | ||||||
2.358% (USD LIBOR + 0.330%) due 02/15/22 § | 2,000,000 | 2,001,565 | ||||||
2.580% due 05/16/22 | 725,953 | 726,674 | ||||||
2.790% due 08/15/22 | 2,751,990 | 2,756,901 | ||||||
2.790% due 01/16/24 | 5,000,000 | 5,059,539 | ||||||
3.030% due 09/15/22 | 2,000,000 | 2,004,604 | ||||||
3.210% due 09/15/23 | 2,000,000 | 2,023,815 | ||||||
3.270% due 01/17/23 | 1,600,000 | 1,609,934 | ||||||
3.290% due 10/17/22 | 1,150,000 | 1,156,249 | ||||||
3.420% due 04/15/25 | 1,750,000 | 1,784,136 | ||||||
3.520% due 12/15/22 | 2,250,000 | 2,266,807 | ||||||
SLC Student Loan Trust | ||||||||
2.219% (USD LIBOR + 0.100%) due 09/15/26 § | 1,552,991 | 1,550,749 | ||||||
2.229% (USD LIBOR + 0.110%) due 03/15/27 § | 5,872,097 | 5,846,689 | ||||||
2.239% (USD LIBOR + 0.120%) due 06/15/29 § | 1,071,303 | 1,065,596 | ||||||
3.007% (USD LIBOR + 0.875%) due 11/25/42 § | 383,315 | 386,391 | ||||||
3.719% (USD LIBOR + 1.600%) due 12/15/32 § | 373,906 | 382,290 | ||||||
SLM Private Credit Student Loan Trust | 800,000 | 781,042 | ||||||
SLM Private Education Loan Trust | 657,596 | 657,897 | ||||||
SLM Student Loan Trust | ||||||||
2.656% (USD LIBOR + 0.380%) due 10/25/24 § | 1,667,112 | 1,668,483 | ||||||
2.826% (USD LIBOR + 0.550%) due 04/27/26 § ~ | 499,903 | 500,437 | ||||||
2.906% (USD LIBOR + 0.630%) due 01/25/40 § ~ | 3,150,000 | 3,124,272 | ||||||
SMB Private Education Loan Trust | ||||||||
2.340% due 09/15/34 ~ | 3,855,303 | 3,862,144 | ||||||
2.490% due 06/15/27 ~ | 613,229 | 615,264 | ||||||
2.700% due 05/15/31 ~ | 1,003,540 | 1,013,340 | ||||||
2.750% due 07/15/27 ~ | 431,089 | 433,782 | ||||||
3.050% due 05/15/26 ~ | 1,963,974 | 1,977,171 | ||||||
3.440% due 07/15/36 ~ | 1,850,000 | 1,931,137 | ||||||
3.500% due 02/15/36 ~ | 1,000,000 | 1,050,137 | ||||||
3.600% due 01/15/37 ~ | 3,000,000 | 3,108,341 | ||||||
3.630% due 11/15/35 ~ | 2,954,000 | 3,080,239 | ||||||
SMB Private Education Loan Trust ‘A1’ | ||||||||
2.348% (USD LIBOR + 0.320%) due 12/16/24 § ~ | 2,111,114 | 2,110,467 | ||||||
2.378% (USD LIBOR + 0.350%) due 03/16/26 § ~ | 1,452,285 | 1,452,894 | ||||||
2.378% (USD LIBOR + 0.350%) due 07/15/26 § ~ | 5,743,224 | 5,748,691 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-11
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Sofi Consumer Loan Program Trust ‘A’ | $2,000,000 | $2,002,542 | ||||||
Sofi Professional Loan Program LLC ‘A1FX’ | 2,609,423 | 2,610,274 | ||||||
Verizon Owner Trust | 587,601 | 587,281 | ||||||
Verizon Owner Trust ‘A1B’ | 3,000,000 | 3,002,839 | ||||||
Volvo Financial Equipment LLC | 2,000,000 | 2,055,349 | ||||||
Voya CLO Ltd (Cayman) | 2,000,000 | 1,997,500 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 203,037,409 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 10.7% |
| |||||||
U.S. Treasury Notes - 10.7% |
| |||||||
1.250% due 07/31/23 | 6,000,000 | 5,929,102 | ||||||
1.250% due 08/31/24 | 5,000,000 | 4,931,250 | ||||||
1.375% due 08/31/20 | 5,000,000 | 4,979,004 | ||||||
1.500% due 08/15/22 | 3,000,000 | 2,993,613 | ||||||
1.750% due 07/31/24 | 9,500,000 | 9,586,836 | ||||||
1.750% due 07/31/21 | 3,000,000 | 3,004,453 | ||||||
2.000% due 01/15/21 | 5,000,000 | 5,014,063 | ||||||
2.000% due 07/31/22 | 3,000,000 | 3,035,391 | ||||||
2.000% due 10/31/22 | 8,000,000 | 8,100,312 | ||||||
2.250% due 03/31/21 | 6,000,000 | 6,044,766 | ||||||
2.500% due 01/15/22 | 8,000,000 | 8,156,094 | ||||||
2.625% due 12/15/21 | 10,000,000 | 10,221,484 | ||||||
2.750% due 09/30/20 | 4,000,000 | 4,036,641 | ||||||
2.750% due 11/30/20 | 20,000,000 | 20,217,188 | ||||||
2.875% due 10/31/20 | 8,500,000 | 8,596,289 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 104,846,486 | ||||||
|
| |||||||
MUNICIPAL BONDS - 0.1% |
| |||||||
Pennsylvania Higher Education Assistance Agency ‘A’ | 585,777 | 587,270 | ||||||
|
| |||||||
Total Municipal Bonds |
| 587,270 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.3% |
| |||||||
Money Market Fund - 3.3% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 32,606,551 | $32,606,551 | ||||||
|
| |||||||
Total Short-Term Investment |
| 32,606,551 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% |
| 978,580,086 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) |
| (27,168 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $978,552,918 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 55.4% | |||
Asset-Backed Securities | 20.7% | |||
U.S. Treasury Obligations | 10.7% | |||
Senior Loan Notes | 9.8% | |||
Short-Term Investment | 3.3% | |||
Others (each less than 3.0%) | 0.1% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitment | Value | Unrealized Appreciation (Depreciation) | |||||||||
CSC Holdings LLC | $500,000 | $501,563 | $1,563 | |||||||||
|
|
|
|
|
|
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $541,790,502 | $— | $541,790,502 | $— | |||||||||||||
Senior Loan Notes | 95,711,868 | — | 95,711,868 | — | ||||||||||||||
Asset-Backed Securities | 203,037,409 | — | 201,037,409 | 2,000,000 | ||||||||||||||
U.S. Treasury Obligations | 104,846,486 | — | 104,846,486 | — | ||||||||||||||
Municipal Bonds | 587,270 | — | 587,270 | — | ||||||||||||||
Short-Term Investment | 32,606,551 | 32,606,551 | — | — | ||||||||||||||
Unfunded Loan Commitment | 501,563 | — | 501,563 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $979,081,649 | $32,606,551 | $944,475,098 | $2,000,000 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-12
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM CORE INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 49.4% |
| |||||||
Basic Materials - 0.6% |
| |||||||
Barminco Finance Pty Ltd (Australia) | $1,625,000 | $1,671,516 | ||||||
Methanex Corp (Canada) | 3,000,000 | 3,018,611 | ||||||
|
| |||||||
4,690,127 | ||||||||
|
| |||||||
Communications - 3.1% |
| |||||||
AT&T Inc | 4,000,000 | 4,716,616 | ||||||
Charter Communications Operating LLC | 2,000,000 | 2,282,699 | ||||||
Diamond Sports Group LLC | 2,400,000 | 2,496,000 | ||||||
Discovery Communications | 1,500,000 | 1,664,656 | ||||||
Fox Corp | 1,800,000 | 2,289,478 | ||||||
Sprint Communications Inc | 6,000,000 | 6,390,000 | ||||||
Sprint Spectrum Co LLC | 2,994,500 | 3,013,216 | ||||||
Verizon Communications Inc | 3,000,000 | 3,048,803 | ||||||
|
| |||||||
25,901,468 | ||||||||
|
| |||||||
Consumer, Cyclical - 8.5% |
| |||||||
Air Canada Pass-Through Trust ‘A’ (Canada) | 4,783,862 | 5,077,113 | ||||||
American Airlines Pass-Through Trust ‘AA’ | ||||||||
3.575% due 07/15/29 | 4,284,354 | 4,526,317 | ||||||
3.600% due 03/22/29 | 2,586,128 | 2,719,184 | ||||||
American Airlines Pass-Through Trust ‘B’ | 576,842 | 592,619 | ||||||
Beazer Homes USA Inc | 2,075,000 | 2,113,906 | ||||||
British Airways Pass-Through Trust ‘A’ (United Kingdom) | ||||||||
3.350% due 12/15/30 ~ | 2,100,000 | 2,146,286 | ||||||
4.625% due 12/20/25 ~ | 2,936,853 | 3,116,295 | ||||||
British Airways Pass-Through Trust ‘AA’ (United Kingdom) | 4,350,000 | 4,544,093 | ||||||
Continental Airlines Pass-Through Trust ‘A’ | 2,532,444 | 2,670,716 | ||||||
Delta Air Lines Pass-Through Trust ‘AA’ | 1,322,855 | 1,413,149 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 2,750,000 | 2,942,500 | ||||||
Ford Motor Credit Co LLC | 1,850,000 | 1,968,935 | ||||||
General Motors Co | 3,000,000 | 3,192,048 | ||||||
Hawaiian Airlines Pass-Through Certificates ‘A’ | 1,750,629 | 1,789,755 | ||||||
Hyatt Hotels Corp | 2,000,000 | 2,184,390 | ||||||
Jack Ohio Finance LLC | 2,000,000 | 2,047,500 | ||||||
Las Vegas Sands Corp | 1,800,000 | 1,846,806 | ||||||
Lennar Corp | 2,500,000 | 2,653,125 | ||||||
Marriott Ownership Resorts Inc | 75,000 | 75,937 |
Principal Amount | Value | |||||||
Mattamy Group Corp (Canada) | $2,500,000 | $2,637,500 | ||||||
Nordstrom Inc | 2,500,000 | 2,332,682 | ||||||
Six Flags Entertainment Corp | 2,000,000 | 2,075,000 | ||||||
Spirit Airlines Pass- Through Trust ‘AA’ | ||||||||
3.375% due 08/15/31 | 415,959 | 434,372 | ||||||
4.100% due 10/01/29 | 558,654 | 589,576 | ||||||
United Airlines Pass Through Trust ‘A’ | 1,400,000 | 1,394,136 | ||||||
United Airlines Pass Through Trust ‘AA’ | ||||||||
2.700% due 11/01/33 | 1,200,000 | 1,197,382 | ||||||
4.150% due 02/25/33 | 2,500,000 | 2,734,711 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
3.650% due 04/07/27 | 1,568,750 | 1,587,936 | ||||||
4.750% due 10/11/23 | 3,522,256 | 3,628,452 | ||||||
US Airways Pass-Through Trust ‘A’ | 2,332,606 | 2,525,641 | ||||||
Walmart Inc | 2,500,000 | 2,651,061 | ||||||
|
| |||||||
71,409,123 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 4.8% |
| |||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | ||||||||
4.700% due 02/01/36 | 2,000,000 | 2,316,678 | ||||||
5.450% due 01/23/39 | 5,000,000 | 6,336,700 | ||||||
Bausch Health Cos Inc | 2,000,000 | 2,070,000 | ||||||
Cigna Corp | 3,350,000 | 3,679,252 | ||||||
Global Payments Inc | ||||||||
3.200% due 08/15/29 | 1,500,000 | 1,522,449 | ||||||
4.150% due 08/15/49 | 2,450,000 | 2,580,013 | ||||||
Humana Inc | 1,200,000 | 1,201,719 | ||||||
Keurig Dr Pepper Inc | 5,000,000 | 5,465,271 | ||||||
Mars Inc | 2,000,000 | 2,238,935 | ||||||
PayPal Holdings Inc | 3,500,000 | 3,520,610 | ||||||
Takeda Pharmaceutical Co Ltd (Japan) | 3,900,000 | 4,203,163 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 1,000,000 | 917,500 | ||||||
UnitedHealth Group Inc | 1,850,000 | 1,931,017 | ||||||
Verisk Analytics Inc | 1,650,000 | 1,819,854 | ||||||
|
| |||||||
39,803,161 | ||||||||
|
| |||||||
Energy - 3.5% |
| |||||||
Concho Resources Inc | 2,000,000 | 2,159,171 | ||||||
Diamondback Energy Inc | 3,000,000 | 3,138,180 | ||||||
Energy Transfer Partners LP | 3,000,000 | 3,254,917 | ||||||
EQM Midstream Partners LP | 2,250,000 | 2,173,144 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
4.300% due 05/01/24 | 2,720,000 | 2,910,948 | ||||||
5.000% due 08/15/42 | 2,500,000 | 2,747,521 | ||||||
MPLX LP | ||||||||
5.200% due 12/01/47 ~ | 1,200,000 | 1,318,477 | ||||||
5.250% due 01/15/25 ~ | 6,000,000 | 6,334,966 | ||||||
6.875% due 08/15/68 | 1,000,000 | 1,001,300 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-13
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Petroleos Mexicanos (Mexico) | ||||||||
6.350% due 02/12/48 | $2,100,000 | $1,937,586 | ||||||
6.840% due 01/23/30 ~ | 550,000 | 569,772 | ||||||
Southwestern Energy Co | 1,750,000 | 1,557,500 | ||||||
|
| |||||||
29,103,482 | ||||||||
|
| |||||||
Financial - 18.2% |
| |||||||
American Express Co | 2,600,000 | 2,622,943 | ||||||
Avolon Holdings Funding Ltd (Ireland) | 1,650,000 | 1,694,467 | ||||||
Bank of America Corp | ||||||||
3.194% due 07/23/30 | 3,000,000 | 3,099,673 | ||||||
4.183% due 11/25/27 | 4,850,000 | 5,222,399 | ||||||
4.200% due 08/26/24 | 5,500,000 | 5,903,299 | ||||||
4.250% due 10/22/26 | 5,500,000 | 5,964,699 | ||||||
Boston Properties LP REIT | ||||||||
2.750% due 10/01/26 | 1,927,000 | 1,946,193 | ||||||
3.400% due 06/21/29 | 1,600,000 | 1,676,107 | ||||||
Citigroup Inc | ||||||||
4.125% due 07/25/28 | 3,600,000 | 3,879,128 | ||||||
4.400% due 06/10/25 | 3,000,000 | 3,228,085 | ||||||
4.600% due 03/09/26 | 3,948,000 | 4,311,657 | ||||||
Columbia Property Trust Operating Partnership LP REIT | 3,500,000 | 3,647,764 | ||||||
Duke Realty LP REIT | 3,420,000 | 3,634,719 | ||||||
Essex Portfolio LP REIT | 2,000,000 | 2,022,240 | ||||||
GLP Capital LP REIT | 1,950,000 | 2,152,858 | ||||||
HCP Inc REIT | 2,800,000 | 2,913,486 | ||||||
Healthcare Realty Trust Inc REIT | 1,900,000 | 1,978,673 | ||||||
Healthcare Trust of America Holdings LP REIT | ||||||||
3.100% due 02/15/30 | 600,000 | 619,020 | ||||||
3.500% due 08/01/26 | 2,000,000 | 1,996,895 | ||||||
Host Hotels & Resorts LP REIT | 2,200,000 | 2,197,891 | ||||||
Jackson National Life Global Funding | 4,000,000 | 4,056,068 | ||||||
JPMorgan Chase & Co | ||||||||
2.950% due 10/01/26 | 2,000,000 | 2,054,616 | ||||||
4.125% due 12/15/26 | 4,000,000 | 4,373,146 | ||||||
KeyCorp | 3,500,000 | 3,421,873 | ||||||
Life Storage LP REIT | 1,650,000 | 1,767,614 | ||||||
MassMutual Global Funding II | 3,500,000 | 3,713,968 | ||||||
Mid-America Apartments LP REIT | ||||||||
3.600% due 06/01/27 | 1,276,000 | 1,351,095 | ||||||
3.950% due 03/15/29 | 4,600,000 | 5,025,209 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 2,450,000 | 2,470,680 | ||||||
Morgan Stanley | 7,500,000 | 8,409,944 | ||||||
Nuveen LLC | 2,050,000 | 2,291,763 | ||||||
Piedmont Operating Partnership LP REIT | 3,100,000 | 3,268,787 | ||||||
Springleaf Finance Corp | 3,200,000 | 3,452,000 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 1,800,000 | 1,800,075 | ||||||
Teachers Insurance & Annuity Association of America | 3,000,000 | 3,409,475 |
Principal Amount | Value | |||||||
The Goldman Sachs Group Inc | ||||||||
3.272% due 09/29/25 | $2,000,000 | $2,065,700 | ||||||
3.500% due 11/16/26 | 4,000,000 | 4,164,017 | ||||||
3.717% (USD LIBOR + 1.600%) due 11/29/23 § | 2,755,000 | 2,841,578 | ||||||
The Howard Hughes Corp | 2,500,000 | 2,625,000 | ||||||
The Northwestern Mutual Life Insurance Co | 3,000,000 | 3,076,572 | ||||||
UDR Inc REIT | ||||||||
2.950% due 09/01/26 | 2,000,000 | 2,035,613 | ||||||
3.000% due 08/15/31 | 3,000,000 | 3,009,555 | ||||||
3.200% due 01/15/30 | 2,100,000 | 2,166,000 | ||||||
US Bancorp | 4,000,000 | 4,051,662 | ||||||
Ventas Realty LP REIT | ||||||||
3.000% due 01/15/30 | 2,050,000 | 2,037,739 | ||||||
3.500% due 02/01/25 | 4,450,000 | 4,663,158 | ||||||
Wells Fargo & Co | 3,750,000 | 4,220,116 | ||||||
Welltower Inc REIT | 1,550,000 | 1,553,133 | ||||||
Willis North America Inc | 2,500,000 | 2,458,133 | ||||||
|
| |||||||
152,546,485 | ||||||||
|
| |||||||
Industrial - 3.3% |
| |||||||
Allegion US Holding Co Inc | 4,336,000 | 4,421,667 | ||||||
Masco Corp | 2,000,000 | 2,564,469 | ||||||
Norbord Inc (Canada) | 2,000,000 | 2,122,500 | ||||||
Owens-Brockway Glass Container Inc | 2,500,000 | 2,588,000 | ||||||
Penske Truck Leasing Co Lp | ||||||||
2.700% due 11/01/24 ~ | 1,850,000 | 1,856,260 | ||||||
3.450% due 07/01/24 ~ | 1,350,000 | 1,404,741 | ||||||
4.450% due 01/29/26 ~ | 1,200,000 | 1,296,787 | ||||||
TransDigm Inc | 1,000,000 | 1,076,250 | ||||||
United Parcel Service Inc | ||||||||
2.200% due 09/01/24 | 3,150,000 | 3,163,249 | ||||||
3.400% due 09/01/49 | 1,850,000 | 1,885,950 | ||||||
Waste Connections Inc | 2,600,000 | 2,776,667 | ||||||
WRKCo Inc | 2,450,000 | 2,692,667 | ||||||
|
| |||||||
27,849,207 | ||||||||
|
| |||||||
Technology - 2.0% |
| |||||||
Broadcom Inc | 5,000,000 | 5,169,746 | ||||||
Fiserv Inc | ||||||||
3.500% due 07/01/29 | 2,650,000 | 2,794,303 | ||||||
4.400% due 07/01/49 | 3,000,000 | 3,382,779 | ||||||
Micron Technology Inc | 2,100,000 | 2,163,446 | ||||||
NXP BV (Netherlands) | 2,000,000 | 2,106,173 | ||||||
Texas Instruments Inc | 1,500,000 | 1,478,807 | ||||||
|
| |||||||
17,095,254 | ||||||||
|
| |||||||
Utilities - 5.4% |
| |||||||
Aqua America Inc | 1,500,000 | 1,598,776 | ||||||
Avangrid Inc | ||||||||
3.150% due 12/01/24 | 2,160,000 | 2,228,297 | ||||||
3.800% due 06/01/29 | 1,900,000 | 2,043,438 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-14
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Dominion Energy Inc | $4,931,000 | $5,051,826 | ||||||
DPL Inc | 3,000,000 | 2,967,400 | ||||||
Duke Energy Progress LLC | 1,700,000 | 1,834,058 | ||||||
Electricite de France SA (France) | 2,000,000 | 2,234,030 | ||||||
Exelon Corp | 2,000,000 | 2,486,575 | ||||||
FirstEnergy Corp | 2,400,000 | 2,856,508 | ||||||
IPALCO Enterprises Inc | 3,500,000 | 3,627,760 | ||||||
Jersey Central Power & Light Co | 1,700,000 | 1,862,675 | ||||||
MidAmerican Energy Co | 1,650,000 | 1,990,206 | ||||||
Nevada Power Co | 3,000,000 | 3,292,589 | ||||||
NextEra Energy Operating Partners LP | 2,000,000 | 2,065,000 | ||||||
Oklahoma Gas & Electric Co | 2,450,000 | 2,570,681 | ||||||
Southern California Edison Co | 2,750,000 | 2,963,306 | ||||||
Talen Energy Supply LLC | ||||||||
6.500% due 06/01/25 | 1,000,000 | 765,000 | ||||||
6.625% due 01/15/28 ~ | 3,000,000 | 2,962,500 | ||||||
|
| |||||||
45,400,625 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 413,798,932 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 12.9% |
| |||||||
Communications - 1.2% |
| |||||||
Diamond Sports Group LLC Term B | 250,000 | 251,680 | ||||||
Sprint Communications Inc Term B | ||||||||
4.563% (USD LIBOR + 2.500%) due 02/03/24 § | 2,929,900 | 2,912,320 | ||||||
5.063% (USD LIBOR + 3.000%) due 02/03/24 § | 2,481,250 | 2,479,679 | ||||||
Zayo Group LLC TermB-2 | 4,000,000 | 4,013,332 | ||||||
|
| |||||||
9,657,011 | ||||||||
|
| |||||||
Consumer, Cyclical - 3.6% |
| |||||||
American Builders & Contractors Supply Co IncTerm B-2 | 3,989,770 | 3,992,511 | ||||||
Bass Pro Group LLC Term B | 1,472,387 | 1,421,084 | ||||||
Burger King Term B (Canada) | 6,019,113 | 6,046,048 | ||||||
Caesars Resort Collection LLC Term B | 2,979,785 | 2,964,088 | ||||||
Golden Nugget LLC Term B | 4,285,302 | 4,283,515 | ||||||
Hilton Worldwide Finance LLC TermB-2 | 4,182,817 | 4,212,737 |
Principal Amount | Value | |||||||
Marriott Ownership Resorts Inc Term B | $3,379,475 | $3,401,976 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 3,914,698 | 3,917,121 | ||||||
|
| |||||||
30,239,080 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 2.9% |
| |||||||
Albertson’s LLC TermB-7 | 3,810,801 | 3,839,085 | ||||||
Avantor Funding Inc TermB-2 | 997,282 | 1,005,384 | ||||||
Bausch Health Americas Inc Term B | 4,729,106 | 4,753,598 | ||||||
Garda World Security Corp Term B (Canada) | 5,500,000 | 5,508,938 | ||||||
Refinitiv US Holdings Inc Term B | 2,992,462 | 3,012,335 | ||||||
Sunshine Luxembourg VII Sarl Term B | 2,250,000 | 2,262,305 | ||||||
US Foods Inc Term B | 3,882,404 | 3,899,793 | ||||||
|
| |||||||
24,281,438 | ||||||||
|
| |||||||
Financial - 1.0% |
| |||||||
Avolon (US) LLC TermB-3 (Ireland) | 1,242,786 | 1,249,621 | ||||||
HUB International Ltd Term B | 1,481,250 | 1,466,900 | ||||||
MGM Growth Properties Operating Partnership LP REIT Term B | 1,992,261 | 1,999,422 | ||||||
USI Inc Term B | 3,912,424 | 3,850,479 | ||||||
|
| |||||||
8,566,422 | ||||||||
|
| |||||||
Industrial - 3.3% |
| |||||||
Advanced Disposal Services Inc Term B | 5,964,806 | 5,987,920 | ||||||
Berry Global Inc Term Q | 3,000,000 | 3,016,731 | ||||||
Filtration Group Corp Term B | 1,994,739 | 2,002,011 | ||||||
GFL Environmental Inc Term B (Canada) | 6,199,799 | 6,153,301 | ||||||
Proampac PG Borrower LLC | 1,785,619 | 1,713,078 | ||||||
Reynolds Group Holdings Inc Term B | 2,930,046 | 2,938,057 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-15
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
TransDigm Inc | ||||||||
Term E 4.544% (USD LIBOR + 2.500%) due 05/30/25 § | $1,913,502 | $1,909,166 | ||||||
Term F 4.544% (USD LIBOR + 2.500%) due 06/09/23 § | 3,812,242 | 3,810,156 | ||||||
|
| |||||||
27,530,420 | ||||||||
|
| |||||||
Technology - 0.5% |
| |||||||
Vertafore Inc Term B | 3,970,000 | 3,868,023 | ||||||
|
| |||||||
Utilities - 0.4% |
| |||||||
Vistra Operations Co LLC TermB-1 | 3,645,143 | 3,662,610 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 107,805,004 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.5% |
| |||||||
Fannie Mae - 0.5% |
| |||||||
2.000% due 10/01/34 | 4,500,000 | 4,464,580 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 4,464,580 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 15.8% |
| |||||||
AmeriCredit Automobile Receivables Trust | ||||||||
2.240% due 06/19/23 | 950,000 | 951,051 | ||||||
2.400% due 05/18/22 | 1,850,000 | 1,852,436 | ||||||
2.690% due 06/19/23 | 1,050,000 | 1,058,895 | ||||||
2.710% due 08/18/22 | 1,500,000 | 1,511,778 | ||||||
3.130% due 02/18/25 | 1,250,000 | 1,273,770 | ||||||
3.360% due 02/18/25 | 1,000,000 | 1,027,765 | ||||||
Apidos CLO XXX ‘A2’ (Cayman) | 3,600,000 | 3,566,404 | ||||||
Benefit Street Partners CLO X Ltd (Cayman) | ||||||||
3.443% (USD LIBOR + 1.140%) due 01/15/29 § ~ | 400,000 | 400,311 | ||||||
4.053% (USD LIBOR + 1.750%) due 01/15/29 § ~ | 250,000 | 250,332 | ||||||
Buttermilk Park CLO Ltd ‘A1’ (Cayman) | 1,600,000 | 1,591,217 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.690% due 03/20/21 | 313,136 | 312,939 | ||||||
2.110% due 03/22/21 | 600,000 | 599,809 | ||||||
3.090% due 08/22/22 ~ | 1,600,000 | 1,618,454 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | ||||||||
3.306% (USD LIBOR + 1.050%) due 07/27/31 § ~ | 1,000,000 | 994,250 | ||||||
3.806% (USD LIBOR + 1.550%) due 07/27/31 § ~ | 2,000,000 | 1,972,326 | ||||||
CIFC Funding2015-III Ltd ‘AR’ (Cayman) | ||||||||
3.173% (USD LIBOR + 0.870%) due 04/19/29 § ~ | 3,000,000 | 2,989,726 | ||||||
3.953% (USD LIBOR + 1.650%) due 04/19/29 § ~ | 1,805,000 | 1,734,222 | ||||||
Dryden 33 Senior Loan Fund (Cayman) | 2,000,000 | 2,002,083 |
Principal Amount | Value | |||||||
Dryden 43 Senior Loan Fund (Cayman) | $3,200,000 | $3,204,250 | ||||||
Dryden 53 CLO Ltd (Cayman) | 1,500,000 | 1,469,429 | ||||||
Dryden 55 CLO Ltd (Cayman) | 1,000,000 | 966,476 | ||||||
Dryden 58 CLO Ltd (Cayman) | ||||||||
3.803% (USD LIBOR + 1.500%) due 07/17/31 # § ~ | 2,000,000 | 1,971,703 | ||||||
4.103% (USD LIBOR + 1.800%) due 07/17/31 # § ~ | 2,000,000 | 1,925,975 | ||||||
Dryden 61 CLO Ltd (Cayman) | ||||||||
3.953% (USD LIBOR + 1.650%) due 01/17/32 § ~ | 2,250,000 | 2,234,240 | ||||||
4.353% (USD LIBOR + 2.050%) due 01/17/32 § ~ | 2,250,000 | 2,197,946 | ||||||
Dryden 64 CLO Ltd (Cayman) | 1,600,000 | 1,566,382 | ||||||
Dryden 75 CLO Ltd (Cayman) | 900,000 | 900,269 | ||||||
Ford Credit Auto Owner Trust | ||||||||
1.600% due 06/15/21 | 1,542,437 | 1,541,549 | ||||||
1.730% due 03/15/22 | 850,000 | 846,540 | ||||||
2.240% due 06/15/22 | 1,000,000 | 1,001,390 | ||||||
2.350% due 04/15/23 | 2,500,000 | 2,507,124 | ||||||
3.190% due 07/15/31 ~ | 4,000,000 | 4,171,800 | ||||||
Madison Park Funding Ltd (Cayman) | ||||||||
3.903% (USD LIBOR + 1.600%) due 07/15/30 § ~ | 2,600,000 | 2,582,083 | ||||||
4.050% (USD LIBOR + 1.750%) due 10/18/30 § ~ | 2,600,000 | 2,593,362 | ||||||
4.153% (USD LIBOR + 1.850%) due 07/15/30 § ~ | 1,400,000 | 1,354,040 | ||||||
Magnetite VIII Ltd (Cayman) | 3,000,000 | 2,989,500 | ||||||
Navient Student Loan Trust | ||||||||
2.640% due 05/15/68 ~ | 2,000,000 | 2,029,027 | ||||||
2.738% (USD LIBOR + 0.720%) due 03/25/67 § ~ | 2,000,000 | 1,992,653 | ||||||
Octagon Investment Partners 25 Ltd (Cayman) | 2,000,000 | 1,978,208 | ||||||
OneMain Financial Issuance Trust | 4,000,000 | 3,997,651 | ||||||
Palmer Square Loan Funding Ltd (Cayman) | ||||||||
due 10/24/27 § # ~ ± | 2,750,000 | 2,750,000 | ||||||
3.043% (USD LIBOR + 0.740%) due 10/15/25 § ~ | 3,038,378 | 3,040,809 | ||||||
Regatta XIV Funding Ltd ‘A’ (Cayman) | 3,300,000 | 3,285,389 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.358% (USD LIBOR + 0.330%) due 02/15/22 § | 2,000,000 | 2,007,990 | ||||||
2.490% due 10/15/25 | 2,000,000 | 2,001,565 | ||||||
2.630% due 07/15/22 | 1,926,674 | 1,928,300 | ||||||
2.660% due 11/15/21 | 386,445 | 386,789 | ||||||
2.960% due 03/15/24 | 1,850,000 | 1,860,379 | ||||||
3.290% due 10/17/22 | 750,000 | 754,075 | ||||||
3.350% due 07/17/23 | 2,000,000 | 2,021,405 | ||||||
3.510% due 08/15/23 | 2,500,000 | 2,542,889 | ||||||
SLM Student Loan Trust | 10,000,000 | 9,864,840 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-16
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
SMB Private Education Loan Trust | ||||||||
2.328% (USD LIBOR + 0.300%) due 09/15/25 § ~ | $1,568,642 | $1,568,562 | ||||||
2.340% due 09/15/34 ~ | 1,870,054 | 1,873,372 | ||||||
2.700% due 05/15/31 ~ | 1,611,336 | 1,627,072 | ||||||
2.820% due 10/15/35 ~ | 4,313,168 | 4,370,667 | ||||||
2.880% due 09/15/34 ~ | 3,721,295 | 3,779,828 | ||||||
3.440% due 07/15/36 ~ | 1,850,000 | 1,931,137 | ||||||
3.500% due 02/15/36 ~ | 2,300,000 | 2,415,315 | ||||||
3.600% due 01/15/37 ~ | 1,550,000 | 1,605,976 | ||||||
3.630% due 11/15/35 ~ | 2,000,000 | 2,085,470 | ||||||
SoFi Consumer Loan Program Trust ‘A’ | 2,750,000 | 2,753,496 | ||||||
Sofi Professional Loan Program LLC | 2,000,000 | 2,004,090 | ||||||
Voya CLO Ltd (Cayman) | 2,000,000 | 1,997,500 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 132,186,280 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 15.6% |
| |||||||
U.S. Treasury Bonds - 5.0% |
| |||||||
2.250% due 08/15/46 | 4,050,000 | 4,157,341 | ||||||
2.500% due 02/15/46 | 3,500,000 | 3,772,002 | ||||||
2.500% due 05/15/46 | 3,000,000 | 3,234,199 | ||||||
2.750% due 11/15/47 | 4,000,000 | 4,535,156 | ||||||
2.875% due 11/15/46 | 3,000,000 | 3,474,609 | ||||||
3.000% due 11/15/44 | 4,000,000 | 4,702,734 | ||||||
3.000% due 02/15/48 | 3,750,000 | 4,457,007 | ||||||
3.000% due 02/15/49 | 5,000,000 | 5,967,578 | ||||||
3.375% due 11/15/48 | 6,000,000 | 7,652,344 | ||||||
|
| |||||||
41,952,970 | ||||||||
|
| |||||||
U.S. Treasury Notes - 10.6% |
| |||||||
1.125% due 04/30/20 | 3,000,000 | 2,987,168 | ||||||
1.250% due 07/31/23 | 5,000,000 | 4,940,918 | ||||||
1.375% due 08/31/23 | 4,000,000 | 3,971,408 | ||||||
1.375% due 09/30/23 | 4,500,000 | 4,467,482 | ||||||
1.625% due 11/15/22 | 5,000,000 | 5,008,301 | ||||||
1.625% due 02/15/26 | 7,000,000 | 7,004,238 | ||||||
1.625% due 05/15/26 | 5,000,000 | 5,003,418 | ||||||
1.750% due 07/31/21 | 4,000,000 | 4,005,938 | ||||||
2.000% due 10/31/21 | 1,400,000 | 1,410,008 | ||||||
2.000% due 11/30/22 | 6,000,000 | 6,077,109 | ||||||
2.125% due 12/31/21 | 4,500,000 | 4,549,746 | ||||||
2.250% due 02/15/27 | 2,000,000 | 2,087,031 | ||||||
2.375% due 05/15/29 | 5,000,000 | 5,311,914 | ||||||
2.500% due 02/28/26 | 7,400,000 | 7,798,617 | ||||||
2.625% due 02/15/29 | 7,000,000 | 7,579,277 | ||||||
2.875% due 08/15/28 | 2,250,000 | 2,474,736 | ||||||
3.125% due 11/15/28 | 12,400,000 | 13,926,508 | ||||||
|
| |||||||
88,603,817 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 130,556,787 | ||||||
|
|
Principal Amount | Value | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 1.1% |
| |||||||
Chile Government (Chile) | $2,000,000 | $2,009,520 | ||||||
Export-Import Bank of Korea (South Korea) | 1,900,000 | 1,900,741 | ||||||
Mexico Government (Mexico) | 2,300,000 | 2,501,848 | ||||||
Province of British Columbia (Canada) | 3,000,000 | 3,025,465 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 9,437,574 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 6.4% |
| |||||||
Money Market Fund - 6.4% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 53,885,676 | 53,885,676 | ||||||
|
| |||||||
Total Short-Term Investment |
| 53,885,676 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 101.7% |
| 852,134,833 | ||||||
OTHER ASSETS & LIABILITIES, NET - (1.7%) |
| (14,545,824 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $837,589,009 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 49.4% | |||
Asset-Backed Securities | 15.8% | |||
U.S. Treasury Obligations | 15.6% | |||
Senior Loan Notes | 12.9% | |||
Short-Term Investment | 6.4% | |||
Others (each less than 3.0%) | 1.6% | |||
|
| |||
101.7% | ||||
Other Assets & Liabilities, Net | (1.7% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitment | Value | Unrealized Appreciation (Depreciation) | |||||||||
CSC Holdings LLC | $1,250,000 | $1,253,906 | $3,906 | |||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-17
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $413,798,932 | $— | $413,798,932 | $— | |||||||||||||
Senior Loan Notes | 107,805,004 | — | 107,805,004 | — | ||||||||||||||
Mortgage-Backed Securities | 4,464,580 | — | 4,464,580 | — | ||||||||||||||
Asset-Backed Securities | 132,186,280 | — | 129,436,280 | 2,750,000 | ||||||||||||||
U.S. Treasury Obligations | 130,556,787 | — | 130,556,787 | — | ||||||||||||||
Foreign Government Bonds & Notes | 9,437,574 | — | 9,437,574 | — | ||||||||||||||
Short-Term Investment | 53,885,676 | 53,885,676 | — | — | ||||||||||||||
Unfunded Loan Commitment | 1,253,906 | — | 1,253,906 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $853,388,739 | $53,885,676 | $796,753,063 | $2,750,000 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-18
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM STRATEGIC INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 1.4% |
| |||||||
Basic Materials - 0.2% |
| |||||||
Constellium SE * | 96,660 | $1,228,549 | ||||||
|
| |||||||
Consumer, Cyclical - 0.3% |
| |||||||
Lennar Corp ‘A’ | 22,751 | 1,270,643 | ||||||
Party City Holdco Inc * | 130,066 | 742,677 | ||||||
|
| |||||||
2,013,320 | ||||||||
|
| |||||||
Financial - 0.6% |
| |||||||
Bank of America Corp | 35,217 | 1,027,280 | ||||||
Citigroup Inc | 17,345 | 1,198,193 | ||||||
The Goldman Sachs Group Inc | 4,792 | 993,046 | ||||||
Wells Fargo & Co | 26,387 | 1,330,960 | ||||||
|
| |||||||
4,549,479 | ||||||||
|
| |||||||
Industrial - 0.3% |
| |||||||
Evoqua Water Technologies Corp * | 75,629 | 1,287,206 | ||||||
Xylem Inc | 11,110 | 884,578 | ||||||
|
| |||||||
2,171,784 | ||||||||
|
| |||||||
Total Common Stocks |
| 9,963,132 | ||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 64.0% |
| |||||||
Basic Materials - 1.9% |
| |||||||
Barminco Finance Pty Ltd (Australia) | $4,125,000 | 4,243,078 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 1,400,000 | 1,460,843 | ||||||
Glencore Funding LLC (Switzerland) | 1,200,000 | 1,258,515 | ||||||
Hecla Mining Co | 2,600,000 | 2,587,000 | ||||||
Hexion Inc | 1,375,000 | 1,364,688 | ||||||
JW Aluminum Continuous Cast Co | 2,785,000 | 2,945,138 | ||||||
|
| |||||||
13,859,262 | ||||||||
|
| |||||||
Communications - 6.4% |
| |||||||
AT&T Inc | ||||||||
3.400% due 05/15/25 | 3,000,000 | 3,134,979 | ||||||
4.350% due 03/01/29 | 5,175,000 | 5,723,865 | ||||||
4.850% due 03/01/39 | 700,000 | 794,928 | ||||||
Charter Communications Operating LLC | ||||||||
3.750% due 02/15/28 | 1,500,000 | 1,540,673 | ||||||
4.200% due 03/15/28 | 3,150,000 | 3,319,023 | ||||||
5.050% due 03/30/29 | 1,500,000 | 1,679,918 | ||||||
5.125% due 07/01/49 | 3,000,000 | 3,208,418 | ||||||
Comcast Corp | 3,475,000 | 4,464,832 | ||||||
CSC Holdings LLC | ||||||||
5.750% due 01/15/30 ~ | 200,000 | 209,274 | ||||||
6.500% due 02/01/29 ~ | 2,025,000 | 2,254,534 | ||||||
Diamond Sports Group LLC | 2,600,000 | 2,700,230 | ||||||
Discovery Communications LLC | 4,175,000 | 4,401,866 | ||||||
Sprint Capital Corp | 1,500,000 | 1,853,925 | ||||||
Sprint Communications Inc | 1,000,000 | 1,065,000 |
Principal | Value | |||||||
Sprint Corp | $1,340,000 | $1,477,350 | ||||||
Sprint Spectrum Co LLC | 100,000 | 100,625 | ||||||
Telesat LLC (Canada) | 350,000 | 357,000 | ||||||
The Interpublic Group of Cos Inc | 2,000,000 | 2,243,414 | ||||||
The Walt Disney Co | 1,950,000 | 1,881,399 | ||||||
Verizon Communications Inc | 3,500,000 | 4,356,116 | ||||||
|
| |||||||
46,767,369 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.8% |
| |||||||
Air Canada Pass-Through Trust ‘B’ (Canada) | 736,072 | 746,856 | ||||||
American Airlines Pass-Through Trust ‘A’ | ||||||||
3.500% due 08/15/33 | 1,950,000 | 2,026,412 | ||||||
4.100% due 07/15/29 | 1,285,289 | 1,382,093 | ||||||
American Airlines Pass-Through Trust ‘AA’ | 2,950,000 | 3,031,592 | ||||||
American Airlines Pass-Through Trust ‘B’ | 1,061,389 | 1,130,682 | ||||||
Beazer Homes USA Inc | ||||||||
5.875% due 10/15/27 | 3,700,000 | 3,612,125 | ||||||
6.750% due 03/15/25 | 1,000,000 | 1,023,750 | ||||||
7.250% due 10/15/29 ~ | 1,325,000 | 1,349,844 | ||||||
British Airways Pass-Through Trust ‘AA’ (United Kingdom) | 2,750,000 | 2,872,703 | ||||||
Caesars Resort Collection LLC | 2,475,000 | 2,536,627 | ||||||
Constellation Merger Sub Inc | 3,250,000 | 2,738,125 | ||||||
Core & Main Holdings LP | 1,575,000 | 1,592,719 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 2,250,000 | 2,407,500 | ||||||
Gateway Casinos & Entertainment Ltd (Canada) | 1,275,000 | 1,329,188 | ||||||
General Motors Financial Co Inc | ||||||||
3.200% due 07/06/21 | 1,550,000 | 1,566,292 | ||||||
4.375% due 09/25/21 | 1,500,000 | 1,550,110 | ||||||
5.100% due 01/17/24 | 1,000,000 | 1,075,910 | ||||||
5.650% due 01/17/29 | 1,175,000 | 1,296,749 | ||||||
Golden Nugget Inc | ||||||||
6.750% due 10/15/24 ~ | 1,725,000 | 1,772,437 | ||||||
8.750% due 10/01/25 ~ | 2,150,000 | 2,246,750 | ||||||
Hyundai Capital America | 3,700,000 | 3,863,357 | ||||||
Jack Ohio Finance LLC | 3,500,000 | 3,583,125 | ||||||
Las Vegas Sands Corp | 3,450,000 | 3,509,834 | ||||||
Lennar Corp | 1,875,000 | 2,020,312 | ||||||
Mattamy Group Corp (Canada) | ||||||||
6.500% due 10/01/25 ~ | 1,450,000 | 1,529,750 | ||||||
6.875% due 12/15/23 ~ | 1,500,000 | 1,567,500 | ||||||
Michaels Stores Inc | 2,660,000 | 2,673,300 | ||||||
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) | 308,582 | 312,130 | ||||||
Panther BF Aggregator 2 LP | ||||||||
6.250% due 05/15/26 ~ | 2,200,000 | 2,321,000 | ||||||
8.500% due 05/15/27 ~ | 575,000 | 583,625 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-19
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
Scientific Games International Inc | $1,325,000 | $1,414,438 | ||||||
Tesla Inc | 6,025,000 | 5,430,031 | ||||||
United Airlines Pass Through Trust ‘AA’ | 3,000,000 | 3,281,654 | ||||||
Wynn Resorts Finance LLC | 2,650,000 | 2,781,904 | ||||||
|
| |||||||
72,160,424 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 7.8% |
| |||||||
Ahern Rentals Inc | 5,475,000 | 4,687,969 | ||||||
Albertsons Cos Inc | 325,000 | 344,806 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | ||||||||
4.750% due 01/23/29 | 3,825,000 | 4,457,748 | ||||||
5.450% due 01/23/39 | 500,000 | 633,670 | ||||||
5.800% due 01/23/59 | 3,200,000 | 4,364,859 | ||||||
Anthem Inc | 1,950,000 | 1,932,345 | ||||||
Bacardi Ltd (Bermuda) | 3,000,000 | 3,279,937 | ||||||
BAT Capital Corp (United Kingdom) | 2,200,000 | 2,228,090 | ||||||
Bausch Health Cos Inc | 300,000 | 323,880 | ||||||
Eagle Holding Co II LLC | ||||||||
7.625% Cash or 8.375% PIK due 05/15/22 ~ | 3,046,000 | 3,076,460 | ||||||
7.750% Cash or PIK due 05/15/22 ~ | 725,000 | 732,250 | ||||||
Global Payments Inc | ||||||||
3.200% due 08/15/29 | 2,250,000 | 2,283,673 | ||||||
4.150% due 08/15/49 | 650,000 | 684,493 | ||||||
HCA Inc | ||||||||
5.000% due 03/15/24 | 3,000,000 | 3,279,456 | ||||||
5.125% due 06/15/39 | 3,200,000 | 3,510,567 | ||||||
Jaguar Holding Co II | 500,000 | 518,125 | ||||||
JBS Investments II GmbH | ||||||||
5.750% due 01/15/28 ~ | 1,000,000 | 1,043,750 | ||||||
7.000% due 01/15/26 ~ | 950,000 | 1,027,415 | ||||||
JBS USA LUX SA | 500,000 | 522,785 | ||||||
Keurig Dr Pepper Inc | 3,200,000 | 3,600,374 | ||||||
Kraft Heinz Foods Co | 1,950,000 | 1,963,634 | ||||||
Pilgrim’s Pride Corp | ||||||||
5.750% due 03/15/25 ~ | 625,000 | 648,437 | ||||||
5.875% due 09/30/27 ~ | 1,550,000 | 1,670,512 | ||||||
Reynolds American Inc (United Kingdom) | 1,500,000 | 1,601,495 | ||||||
Select Medical Corp | 3,150,000 | 3,299,625 | ||||||
TMS International Holding Corp | 5,250,000 | 4,515,000 | ||||||
Verscend Escrow Corp | 950,000 | 1,015,189 | ||||||
|
| |||||||
57,246,544 | ||||||||
|
| |||||||
Energy - 7.3% |
| |||||||
Archrock Partners LP | 1,325,000 | 1,412,728 | ||||||
Ascent Resources Utica Holdings LLC | 2,850,000 | 2,394,000 | ||||||
Endeavor Energy Resources LP | ||||||||
5.500% due 01/30/26 ~ | 3,075,000 | 3,213,375 | ||||||
5.750% due 01/30/28 ~ | 750,000 | 800,625 |
Principal | Value | |||||||
Energy Transfer Operating LP | $3,650,000 | $3,390,923 | ||||||
Energy Transfer Partners LP | ||||||||
4.050% due 03/15/25 | 1,200,000 | 1,255,961 | ||||||
4.750% due 01/15/26 | 1,700,000 | 1,844,453 | ||||||
5.800% due 06/15/38 | 3,000,000 | 3,439,845 | ||||||
EnLink Midstream Partners LP | 2,500,000 | 2,417,000 | ||||||
EQM Midstream Partners LP | 3,850,000 | 3,734,483 | ||||||
Global Partners LP | 2,275,000 | 2,348,937 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
4.300% due 05/01/24 | 5,315,000 | 5,688,121 | ||||||
5.000% due 08/15/42 | 1,000,000 | 1,099,009 | ||||||
Moss Creek Resources Holdings Inc | ||||||||
7.500% due 01/15/26 ~ | 2,025,000 | 1,501,031 | ||||||
10.500% due 05/15/27 ~ | 900,000 | 733,500 | ||||||
MPLX LP | ||||||||
4.000% due 03/15/28 | 2,650,000 | 2,765,579 | ||||||
4.800% due 02/15/29 | 350,000 | 387,074 | ||||||
5.250% due 01/15/25 ~ | 4,825,000 | 5,094,369 | ||||||
6.875% due 02/15/23 | 450,000 | 450,585 | ||||||
Sabine Pass Liquefaction LLC | 2,725,000 | 3,064,189 | ||||||
Sunoco Logistics Partners Operations LP | 1,200,000 | 1,243,350 | ||||||
Targa Resources Partners LP | ||||||||
5.000% due 01/15/28 | 650,000 | 658,970 | ||||||
5.125% due 02/01/25 | 900,000 | 930,015 | ||||||
5.375% due 02/01/27 | 200,000 | 207,750 | ||||||
5.875% due 04/15/26 | 1,350,000 | 1,431,000 | ||||||
6.500% due 07/15/27 ~ | 500,000 | 546,795 | ||||||
WPX Energy Inc | 1,725,000 | 1,742,250 | ||||||
|
| |||||||
53,795,917 | ||||||||
|
| |||||||
Financial - 17.5% |
| |||||||
AerCap Ireland Capital DAC (Ireland) | ||||||||
3.300% due 01/23/23 | 1,850,000 | 1,887,868 | ||||||
3.950% due 02/01/22 | 750,000 | 774,943 | ||||||
4.450% due 10/01/25 | 2,000,000 | 2,135,413 | ||||||
Air Lease Corp | ||||||||
3.625% due 04/01/27 | 1,650,000 | 1,706,399 | ||||||
3.750% due 06/01/26 | 3,000,000 | 3,125,610 | ||||||
4.250% due 09/15/24 | 1,000,000 | 1,066,425 | ||||||
4.625% due 10/01/28 | 1,500,000 | 1,654,149 | ||||||
Avolon Holdings Funding Ltd (Ireland) | 3,200,000 | 3,312,480 | ||||||
Bank of America Corp | ||||||||
2.756% (USD LIBOR + 0.650%) due 06/25/22 § | 3,000,000 | 3,011,383 | ||||||
3.057% (USD LIBOR + 0.770%) due 02/05/26 § | 2,000,000 | 1,981,339 | ||||||
3.366% due 01/23/26 | 1,000,000 | 1,043,269 | ||||||
4.183% due 11/25/27 | 5,575,000 | 6,003,067 | ||||||
BOC Aviation Ltd (Singapore) | 4,000,000 | 4,118,597 | ||||||
Citigroup Inc | ||||||||
3.236% (USD LIBOR + 0.960%) due 04/25/22 § | 3,000,000 | 3,032,703 | ||||||
3.980% due 03/20/30 | 3,000,000 | 3,273,187 | ||||||
4.075% due 04/23/29 | 3,000,000 | 3,278,280 | ||||||
4.400% due 06/10/25 | 2,500,000 | 2,690,071 | ||||||
4.600% due 03/09/26 | 575,000 | 627,964 | ||||||
CNO Financial Group Inc | 3,100,000 | 3,402,250 | ||||||
GLP Capital LP REIT | 4,000,000 | 4,423,840 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-20
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
HCP Inc REIT | $5,000,000 | $5,148,070 | ||||||
Host Hotels & Resorts LP REIT | 1,325,000 | 1,323,730 | ||||||
Iron Mountain Inc REIT | 2,300,000 | 2,340,940 | ||||||
JPMorgan Chase & Co | ||||||||
3.125% due 01/23/25 | 4,600,000 | 4,769,509 | ||||||
4.005% due 04/23/29 | 2,000,000 | 2,188,713 | ||||||
4.125% due 12/15/26 | 4,150,000 | 4,537,139 | ||||||
KeyCorp | 4,900,000 | 4,790,622 | ||||||
Marsh & McLennan Cos Inc | 2,500,000 | 2,666,765 | ||||||
Mid-America Apartments LP REIT | 4,175,000 | 4,560,923 | ||||||
Morgan Stanley | ||||||||
3.407% (USD LIBOR + 1.220%) due 05/08/24 § | 2,000,000 | 2,028,820 | ||||||
3.591% due 07/22/28 | 4,150,000 | 4,380,736 | ||||||
3.772% due 01/24/29 | 2,050,000 | 2,192,620 | ||||||
5.000% due 11/24/25 | 3,150,000 | 3,532,176 | ||||||
Service Properties Trust REIT | 4,925,000 | 4,954,639 | ||||||
Teachers Insurance & Annuity Association of America | 1,975,000 | 2,244,571 | ||||||
The Goldman Sachs Group Inc | ||||||||
3.272% due 09/29/25 | 2,500,000 | 2,582,125 | ||||||
3.283% (USD LIBOR + 1.000%) due 07/24/23 § | 3,000,000 | 3,014,511 | ||||||
3.500% due 11/16/26 | 1,100,000 | 1,145,105 | ||||||
3.625% due 02/20/24 | 350,000 | 367,413 | ||||||
3.750% due 02/25/26 | 2,300,000 | 2,435,308 | ||||||
The Howard Hughes Corp | 3,000,000 | 3,150,000 | ||||||
UDR Inc REIT | 3,450,000 | 3,460,988 | ||||||
Ventas Realty LP REIT | 3,200,000 | 3,353,282 | ||||||
Wells Fargo & Co | 4,150,000 | 4,397,807 | ||||||
Willis North America Inc | 100,000 | 98,325 | ||||||
|
| |||||||
128,214,074 | ||||||||
|
| |||||||
Industrial - 8.7% |
| |||||||
Allegion US Holding Co Inc | ||||||||
3.200% due 10/01/24 | 3,000,000 | 3,044,913 | ||||||
3.550% due 10/01/27 | 650,000 | 662,842 | ||||||
Apex Tool Group LLC | 2,425,000 | 2,164,312 | ||||||
ARD Finance SA (Luxembourg) | 2,050,000 | 2,121,750 | ||||||
ARD Securities Finance SARL (Luxembourg) | 1,906,474 | 1,982,733 | ||||||
Ardagh Packaging Finance PLC (Ireland) | ||||||||
4.125% due 08/15/26 ~ | 200,000 | 201,750 | ||||||
5.250% due 08/15/27 ~ | 200,000 | 203,000 | ||||||
Brand Industrial Services Inc | 2,000,000 | 1,910,000 | ||||||
Cloud Crane LLC | 2,800,000 | 3,003,000 | ||||||
Flex Acquisition Co Inc | 1,300,000 | 1,192,230 | ||||||
GFL Environmental Inc (Canada) | 2,325,000 | 2,452,875 |
Principal | Value | |||||||
Masco Corp | ||||||||
3.500% due 04/01/21 | $1,075,000 | $1,090,033 | ||||||
7.750% due 08/01/29 | 4,110,000 | 5,269,983 | ||||||
Mauser Packaging Solutions Holding Co | ||||||||
5.500% due 04/15/24 ~ | 1,100,000 | 1,138,280 | ||||||
7.250% due 04/15/25 ~ | 4,400,000 | 4,175,820 | ||||||
New Enterprise Stone & Lime Co Inc | 3,943,000 | 4,071,147 | ||||||
Penske Truck Leasing Co LP | ||||||||
3.350% due 11/01/29 ~ | 4,925,000 | 4,908,658 | ||||||
3.450% due 07/01/24 ~ | 2,950,000 | 3,069,619 | ||||||
Standard Industries Inc | ||||||||
4.750% due 01/15/28 ~ | 2,768,000 | 2,871,551 | ||||||
5.000% due 02/15/27 ~ | 1,500,000 | 1,556,700 | ||||||
Titan Acquisition Ltd (Canada) | 3,395,000 | 3,191,300 | ||||||
TransDigm Inc | 1,175,000 | 1,216,125 | ||||||
TransDigm UK Holdings PLC | 3,500,000 | 3,771,250 | ||||||
United Parcel Service Inc | 2,125,000 | 2,166,294 | ||||||
WRKCo Inc | 5,175,000 | 5,462,384 | ||||||
Zekelman Industries Inc | 1,115,000 | 1,175,628 | ||||||
|
| |||||||
64,074,177 | ||||||||
|
| |||||||
Technology - 3.4% |
| |||||||
Apple Inc | 3,925,000 | 3,853,761 | ||||||
Broadcom Inc | 5,175,000 | 5,350,687 | ||||||
Dell International LLC | ||||||||
4.000% due 07/15/24 ~ | 3,000,000 | 3,139,999 | ||||||
4.900% due 10/01/26 ~ | 1,700,000 | 1,822,590 | ||||||
International Business Machines Corp | 5,000,000 | 5,177,389 | ||||||
NXP BV (Netherlands) | ||||||||
3.875% due 06/18/26 ~ | 650,000 | 684,506 | ||||||
4.300% due 06/18/29 ~ | 4,175,000 | 4,474,243 | ||||||
|
| |||||||
24,503,175 | ||||||||
|
| |||||||
Utilities - 1.2% |
| |||||||
DPL Inc | 3,000,000 | 2,967,400 | ||||||
MidAmerican Energy Co | 3,475,000 | 4,191,494 | ||||||
Vistra Operations Co LLC | ||||||||
4.300% due 07/15/29 ~ | 1,000,000 | 1,027,450 | ||||||
5.000% due 07/31/27 ~ | 575,000 | 593,504 | ||||||
|
| |||||||
8,779,848 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 469,400,790 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 22.3% |
| |||||||
Basic Materials - 0.7% |
| |||||||
Aleris International Inc | 4,952,462 | 4,964,843 | ||||||
|
| |||||||
Communications - 3.0% |
| |||||||
Charter Communications Operating LLC Term B | 2,481,061 | 2,498,681 | ||||||
Clear Channel Outdoor Holdings Inc Term B | 2,250,000 | 2,259,644 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-21
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
CSC Holdings LLC | $641,484 | $641,802 | ||||||
TermB-2 4.528% (USD LIBOR + 2.500%) due 01/25/26 § | 3,950,000 | 3,961,092 | ||||||
TermB-4 5.028% (USD LIBOR + 3.000%) due 04/15/27 § | 374,063 | 375,182 | ||||||
Sprint Communications Inc Term B | ||||||||
4.563% (USD LIBOR + 2.500%) due 02/03/24 § | 2,442,399 | 2,427,745 | ||||||
5.063% (USD LIBOR + 3.000%) due 02/03/24 § | 1,861,870 | 1,860,692 | ||||||
Uber Technologies Inc Term B | 1,984,925 | 1,978,100 | ||||||
Zayo Group LLC TermB-2 | 6,500,000 | 6,521,665 | ||||||
|
| |||||||
22,524,603 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.4% |
| |||||||
American Builders & Contractors Supply Co IncTerm B-2 | 4,850,128 | 4,853,460 | ||||||
Bass Pro Group LLC Term B | 3,472,158 | 3,351,174 | ||||||
BJ’s Wholesale Club Inc Term B | 3,842,796 | 3,858,298 | ||||||
Burger King Term B (Canada) | 6,048,207 | 6,075,273 | ||||||
Caesars Resort Collection LLC Term B | 6,401,136 | 6,367,415 | ||||||
ClubCorp Holdings Inc Term B | 3,427,438 | 3,064,987 | ||||||
Golden Nugget LLC Term B | 372,978 | 372,823 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 4,781,443 | 4,784,403 | ||||||
SRS Distribution Inc Term B | 2,970,000 | 2,897,235 | ||||||
Tacala Investment Corp Term B | 3,949,949 | 3,908,771 | ||||||
|
| |||||||
39,533,839 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 2.3% |
| |||||||
Albertson’s LLC TermB-7 | 2,907,895 | 2,929,477 | ||||||
Allied Universal Holdco LLC | 1,364,865 | 1,368,561 | ||||||
Bausch Health Americas Inc Term B | ||||||||
4.789% (USD LIBOR + 2.750%) due 11/27/25 § | 1,842,105 | 1,847,862 | ||||||
5.039% (USD LIBOR + 3.000%) due 06/01/25 §¥ | 6,851,418 | 6,886,901 | ||||||
Jaguar Holding Co II | 870,455 | 872,304 |
Principal | Value | |||||||
Sunshine Luxembourg VII Sarl Term B | $2,750,000 | $2,765,040 | ||||||
|
| |||||||
16,670,145 | ||||||||
|
| |||||||
Financial - 1.2% |
| |||||||
HUB International Ltd Term B | 4,816,861 | 4,770,195 | ||||||
USI Inc Term B | 3,920,000 | 3,857,935 | ||||||
|
| |||||||
8,628,130 | ||||||||
|
| |||||||
Industrial - 8.6% |
| |||||||
Advanced Disposal Services Inc Term B | 5,806,195 | 5,828,694 | ||||||
Brand Industrial Services Inc | 3,919,799 | 3,836,504 | ||||||
Cornerstone Building Brands Inc Term B | 4,339,851 | 4,254,864 | ||||||
Crosby US Acquisition Corp Term B | 2,992,500 | 2,932,650 | ||||||
Dynasty Acquisition Co Inc | 3,170,455 | 3,190,270 | ||||||
EWT Holdings III Corp | 2,763,158 | 2,776,974 | ||||||
Filtration Group Corp Term B | 3,231,128 | 3,242,909 | ||||||
Flex Acquisition Co Inc | ||||||||
5.319% (USD LIBOR + 3.000%) due 12/29/23 § | 1,911,222 | 1,841,598 | ||||||
Term B 5.569% (USD LIBOR + 3.250%) due 06/29/25 § | 978,518 | 944,270 | ||||||
GFL Environmental Inc Term B (Canada) | 5,095,542 | 5,057,325 | ||||||
Kloeckner Pentaplast of America Inc Term B (Luxembourg) | 2,940,000 | 2,562,701 | ||||||
Mauser Packaging Solutions Holding Co Term B | 3,180,550 | 3,120,253 | ||||||
North American Lifting Holdings Inc | ||||||||
6.604% (USD LIBOR + 4.500%) due 11/27/20 § | 2,467,316 | 2,283,037 | ||||||
(2nd Lien) 11.104% (USD LIBOR + 9.000%) due 11/27/21 § | 2,000,000 | 1,460,000 | ||||||
Reynolds Group Holdings Inc Term B | 8,816,894 | 8,840,999 | ||||||
StandardAero (Canada) | 1,704,545 | 1,715,199 | ||||||
Titan Acquisition Ltd Term B (Canada) | 2,962,406 | 2,843,910 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-22
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
TransDigm Inc | ||||||||
Term F 4.544% (USD LIBOR + 2.500%) due 06/09/23 § | $967,574 | $967,045 | ||||||
Term G 4.544% (USD LIBOR + 2.500%) due 08/22/24 §¥ | 5,317,987 | 5,306,351 | ||||||
|
| |||||||
63,005,553 | ||||||||
|
| |||||||
Technology - 1.1% |
| |||||||
Vertafore Inc | 1,000,000 | 986,875 | ||||||
Term B 5.294% (USD LIBOR + 3.250%) due 07/02/25 § | 2,481,250 | 2,417,514 | ||||||
Tempo Acquisition LLC Term B | 5,000,000 | 5,021,250 | ||||||
|
| |||||||
8,425,639 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 163,752,752 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 3.3% |
| |||||||
Apidos CLO XXX ‘A2’ (Cayman) | 2,400,000 | 2,377,603 | ||||||
Buttermilk Park CLO Ltd ‘A1’ (Cayman) | 700,000 | 696,157 | ||||||
CIFC Funding2015-III Ltd ‘AR’ (Cayman) | 1,100,000 | 1,056,867 | ||||||
Dryden 43 Senior Loan Fund (Cayman) | 1,200,000 | 1,201,594 | ||||||
Dryden 55 CLO Ltd (Cayman) | 250,000 | 241,619 | ||||||
Dryden 58 CLO Ltd (Cayman) | ||||||||
3.803% (USD LIBOR + 1.500%) due 07/17/31 § ~ | 1,500,000 | 1,478,777 | ||||||
4.103% (USD LIBOR + 1.800%) due 07/17/31 § ~ | 1,500,000 | 1,444,481 | ||||||
Dryden 61 CLO Ltd (Cayman) | ||||||||
3.953% (USD LIBOR + 1.650%) due 01/17/32 § ~ | 1,500,000 | 1,489,493 | ||||||
4.353% (USD LIBOR + 2.050%) due 01/17/32 § ~ | 1,500,000 | 1,465,297 | ||||||
Dryden 64 CLO Ltd (Cayman) | 2,600,000 | 2,545,370 | ||||||
Madison Park Funding Ltd (Cayman) | ||||||||
4.050% (USD LIBOR + 1.750%) due 10/18/30 § ~ | 2,650,000 | 2,643,235 | ||||||
3.903% (USD LIBOR + 1.600%) due 07/15/30 § ~ | 2,000,000 | 1,986,218 | ||||||
4.153% (USD LIBOR + 1.850%) due 07/15/30 § ~ | 1,000,000 | 967,171 | ||||||
Palmer Square Loan Funding Ltd (Cayman) | 2,250,000 | 2,250,000 | ||||||
Regatta XIII Funding Ltd ‘D’ (Cayman) | 2,500,000 | 2,308,679 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 24,152,561 | ||||||
|
|
Principal | Value | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.9% |
| |||||||
Mexico Government (Mexico) | ||||||||
3.750% due 01/11/28 | $2,750,000 | $2,837,313 | ||||||
4.500% due 04/22/29 | 700,000 | 761,432 | ||||||
4.600% due 02/10/48 | 3,000,000 | 3,213,780 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 6,812,525 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 10.1% |
| |||||||
Money Market Fund - 10.1% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 74,173,427 | 74,173,427 | ||||||
|
| |||||||
Total Short-Term Investment |
| 74,173,427 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 102.0% | 748,255,187 | |||||||
OTHER ASSETS & LIABILITIES, NET - (2.0%) |
| (14,362,476 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $733,892,711 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 64.0% | |||
Senior Loan Notes | 22.3% | |||
Short-Term Investment | 10.1% | |||
Asset-Backed Securities | 3.3% | |||
Others (each less than 3.0%) | 2.3% | |||
|
| |||
102.0% | ||||
Other Assets & Liabilities, Net | (2.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitments | Value | Unrealized Appreciation (Depreciation) | |||||||||
Allied Universal Holdco LLC | $135,135 | $135,501 | $366 | |||||||||
CSC Holdings LLC | 1,500,000 | 1,504,688 | 4,688 | |||||||||
|
|
|
|
|
| |||||||
$1,635,135 | $1,640,189 | $5,054 | ||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-23
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $9,963,132 | $9,963,132 | $— | $— | |||||||||||||
Corporate Bonds & Notes | 469,400,790 | — | 469,400,790 | — | ||||||||||||||
Senior Loan Notes | 163,752,752 | — | 163,752,752 | — | ||||||||||||||
Asset-Backed Securities | 24,152,561 | — | 21,902,561 | 2,250,000 | ||||||||||||||
Foreign Government Bonds & Notes | 6,812,525 | — | 6,812,525 | — | ||||||||||||||
Short-Term Investment | 74,173,427 | 74,173,427 | — | — | ||||||||||||||
Unfunded Loan Commitments | 1,640,189 | — | 1,640,189 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $749,895,376 | $84,136,559 | $663,508,817 | $2,250,000 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-24
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM FLOATING RATE INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Shares |
Value | |||||||
WARRANTS - 0.0% |
| |||||||
Communications - 0.0% |
| |||||||
iHeartMedia Inc Exercise @ $14.70 | 1,038 | $15,246 | ||||||
|
| |||||||
Total Warrants |
| 15,246 | ||||||
|
| |||||||
COMMON STOCKS - 0.0% |
| |||||||
Communications - 0.0% |
| |||||||
iHeartMedia Inc ‘B’ * ± | 11 | 146 | ||||||
|
| |||||||
Total Common Stocks |
| 146 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND - 1.4% |
| |||||||
Invesco Senior Loan | 1,003,975 | 22,679,795 | ||||||
|
| |||||||
Total Exchange-Traded Fund |
| 22,679,795 | ||||||
|
| |||||||
Principal Amount | ||||||||
CORPORATE BONDS & NOTES - 5.0% |
| |||||||
Communications - 1.3% |
| |||||||
CSC Holdings LLC | $9,918,000 | 9,932,381 | ||||||
Sprint Communications Inc | 10,000,000 | 10,347,100 | ||||||
|
| |||||||
20,279,481 | ||||||||
|
| |||||||
Consumer, Cyclical - 0.4% |
| |||||||
eG Global Finance PLC (United Kingdom) | 6,500,000 | 6,370,000 | ||||||
|
| |||||||
Consumer,Non-Cyclical - 0.4% |
| |||||||
Ahern Rentals Inc | 6,404,000 | 5,483,425 | ||||||
|
| |||||||
Industrial - 2.9% |
| |||||||
GFL Environmental Inc (Canada) | ||||||||
5.375% due 03/01/23 ~ | 250,000 | 254,325 | ||||||
5.625% due 05/01/22 ~ | 7,336,000 | 7,537,740 | ||||||
Reynolds Group Issuer Inc | ||||||||
5.486% (USD LIBOR + 3.500%) due 07/15/21 § ~ | 20,750,000 | 20,827,812 | ||||||
5.750% due 10/15/20 | 6,567,643 | 6,589,645 | ||||||
TransDigm Inc | ||||||||
6.000% due 07/15/22 | 5,500,000 | 5,596,250 | ||||||
6.250% due 03/15/26 ~ | 5,000,000 | 5,381,250 | ||||||
|
| |||||||
46,187,022 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 78,319,928 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 90.9% | ||||||||
Basic Materials - 2.1% | ||||||||
Aleris International Inc | 10,862,500 | 10,889,656 |
Principal Amount |
Value | |||||||
Messer Industries USA Inc Term B | $10,465,380 | $10,453,387 | ||||||
PQ Corp Term B | 7,932,625 | 7,956,708 | ||||||
Starfruit US Holdco LLC Term B (Netherlands) | 3,517,350 | 3,452,497 | ||||||
|
| |||||||
32,752,248 | ||||||||
|
| |||||||
Communications - 10.4% | ||||||||
Ancestry.com Operations Inc Term B | 7,106,089 | 7,067,595 | ||||||
Charter Communications Operating LLC Term B | 7,964,620 | 8,021,185 | ||||||
Clear Channel Outdoor Holdings Inc Term B | 14,500,000 | 14,562,147 | ||||||
CommScope Inc TermB-2 | 6,275,000 | 6,264,489 | ||||||
CSC Holdings LLC TermB-4 | 17,518,000 | 17,570,466 | ||||||
Diamond Sports Group LLC Term B | 5,125,000 | 5,159,435 | ||||||
JD Power & Associates | 11,719,826 | 11,749,126 | ||||||
MTN Infrastructure TopCo Inc Term B | 3,410,303 | 3,380,463 | ||||||
NEP Group Inc | ||||||||
(2nd Lien) 9.044% (USD LIBOR + 7.000%) due 10/19/26 § | 4,200,000 | 4,116,000 | ||||||
Term B 5.294% (USD LIBOR + 3.250%) due 10/20/25 § | 9,778,372 | 9,622,524 | ||||||
SBA Senior Finance II LLC Term B | 10,056,197 | 10,074,268 | ||||||
Sprint Communications Inc Term B | 12,530,066 | 12,454,886 | ||||||
5.063% (USD LIBOR + 3.000%) due 02/03/24 § | 8,346,520 | 8,341,237 | ||||||
Uber Technologies Inc Term B | 10,931,929 | 10,894,345 | ||||||
Zayo Group LLC | ||||||||
TermB-1 4.044% (USD LIBOR + 2.000%) due 01/19/21 § | 3,133,702 | 3,143,495 | ||||||
TermB-2 4.294% (USD LIBOR + 2.250%) due 01/19/24 §¥ | 32,250,000 | 32,357,489 | ||||||
|
| |||||||
164,779,150 | ||||||||
|
| |||||||
Consumer, Cyclical - 15.4% |
| |||||||
American Builders & Contractors Supply Co Inc TermB-2 | 26,098,252 | 26,116,182 | ||||||
Bass Pro Group LLC Term B | 2,733,864 | 2,638,605 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-25
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount |
Value | |||||||
Beacon Roofing Supply Inc Term B | $5,924,661 | $5,918,938 | ||||||
BJ’s Wholesale Club Inc Term B | 14,799,135 | 14,858,835 | ||||||
Burger King Term B (Canada) | 15,393,441 | 15,462,327 | ||||||
Caesars Resort Collection LLC Term B | 19,101,285 | 19,000,660 | ||||||
ClubCorp Holdings Inc Term B | 4,897,919 | 4,379,964 | ||||||
Curium Bidco Sarl Term B (Luxembourg) | 5,375,000 | 5,401,875 | ||||||
EG America LLC (2nd Lien) (United Kingdom) | 6,036,121 | 5,979,532 | ||||||
Flynn Restaurant Group LP (2nd Lien) | 10,635,000 | 10,209,600 | ||||||
Golden Nugget LLC Term B | 6,902,724 | 6,899,846 | ||||||
K-MAC Holdings Corp (2nd Lien) | 6,250,000 | 6,234,375 | ||||||
NPC International Inc | ||||||||
5.544% (USD LIBOR + 3.500%) due 04/20/24 § | 8,231,267 | 5,340,035 | ||||||
(2nd Lien) 9.544% (USD LIBOR + 7.500%) due 04/18/25 § | 11,582,389 | 3,551,937 | ||||||
Panther BF Aggregator 2 LP Term B | 7,400,000 | 7,359,914 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 16,255,955 | 16,266,017 | ||||||
SMG US Midco 2 Inc | 6,886,397 | 6,864,877 | ||||||
(2nd Lien) 9.044% (USD LIBOR + 7.000%) due 01/23/26 § | 18,290,000 | 18,564,350 | ||||||
Spin Holdco Inc Term B | 14,887,764 | 14,638,855 | ||||||
SRS Distribution Inc Term B | 18,844,932 | 18,383,231 | ||||||
Tacala Investment Corp (2nd Lien) | 4,550,000 | 4,515,875 | ||||||
Univar USA Inc | ||||||||
TermB-3 4.294% (USD LIBOR + 2.500%) due 07/01/24 § | 7,624,764 | 7,656,757 | ||||||
TermB-4 4.544% (USD LIBOR + 2.500%) due 07/01/24 § | 4,492,366 | 4,514,828 | ||||||
Whatabrands LLC Term B | 12,000,000 | 12,069,648 | ||||||
|
| |||||||
242,827,063 | ||||||||
|
|
Principal Amount |
Value | |||||||
Consumer,Non-Cyclical - 22.9% |
| |||||||
Albertson’s LLC | ||||||||
TermB-7 4.794% (USD LIBOR + 2.750%) due 11/17/25 § | $5,905,294 | $5,949,124 | ||||||
TermB-8 4.794% (USD LIBOR + 2.750%) due 08/17/26 § | 782,453 | 788,175 | ||||||
Aldevron LLC Term B | 6,500,000 | 6,532,500 | ||||||
AlixPartners LLP Term B | 15,959,988 | 15,998,467 | ||||||
Allied Universal Holdco LLC | 15,449,346 | 15,491,183 | ||||||
Arterra Wines Canada Inc TermB-1 (Canada) | 7,984,128 | 7,989,118 | ||||||
Avantor Funding Inc TermB-2 | 12,381,110 | 12,481,707 | ||||||
AVSC Holding Corp Term B | 6,750,000 | 6,631,875 | ||||||
Bausch Health Americas Inc Term B | 3,488,924 | 3,499,827 | ||||||
5.039% (USD LIBOR + 3.000%) due 06/01/25 §¥ | 22,554,255 | 22,671,063 | ||||||
CHG PPC Parent LLC Term B | 11,355,422 | 11,369,616 | ||||||
Garda World Security Corp Term B (Canada) | 36,937,547 | 36,997,571 | ||||||
Heartland Dental LLC | 12,564,556 | 12,327,011 | ||||||
H-Food Holdings LLC TermB-2 | 10,235,478 | 9,749,293 | ||||||
Jaguar Holding Co II | 20,728,087 | 20,772,134 | ||||||
Kinetic Concepts Inc Term B | 24,188,138 | 24,275,070 | ||||||
Mister Car Wash Holdings Inc | 6,602,500 | 6,605,597 | ||||||
NVA Holdings Inc | ||||||||
Term B 5.544% (USD LIBOR + 3.500%) due 02/02/25 § | 498,750 | 499,373 | ||||||
TermB-3 4.794% (USD LIBOR + 2.750%) due 02/02/25 §¥ | 33,378,526 | 33,412,438 | ||||||
Ortho-Clinical Diagnostics SA Term B (Luxembourg) | 2,868,909 | 2,782,841 | ||||||
PetVet Care Centers LLC | 1,190,462 | 1,181,534 | ||||||
4.794% (USD LIBOR + 2.750%) due 02/14/25 § | 5,284,660 | 5,245,025 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-26
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount |
Value | |||||||
(2nd Lien) 8.294% (USD LIBOR + 6.250%) due 02/15/26 § | $7,000,000 | $6,860,000 | ||||||
Term B 5.362% (USD LIBOR + 3.250%) due 02/14/25 § | 515,470 | 511,604 | ||||||
PSC Industrial Outsourcing LP (2nd Lien) | 5,000,000 | 4,825,000 | ||||||
Refinitiv US Holdings Inc Term B | 31,296,168 | 31,504,006 | ||||||
RegionalCare Hospital Partners Holdings Inc | 8,818,288 | 8,836,198 | ||||||
Sunshine Luxembourg VII Sarl Term B (Luxembourg) | 6,625,000 | 6,661,232 | ||||||
VetCor Professional Practices LLC | 15,306,250 | 15,000,125 | ||||||
Wand NewCo 3 Inc Term B | 23,808,570 | 23,953,659 | ||||||
|
| |||||||
361,402,366 | ||||||||
|
| |||||||
Energy - 0.1% |
| |||||||
Prairie ECI Acquiror LP | 2,267,398 | 2,227,718 | ||||||
|
| |||||||
Financial - 6.8% |
| |||||||
AG Merger Sub II Inc Term B | 6,350,000 | 6,230,937 | ||||||
Alliant Holdings Intermediate LLC Term B | 6,892,373 | 6,781,089 | ||||||
5.289% (USD LIBOR + 3.250%) due 05/10/25 § | 7,980,000 | 7,932,615 | ||||||
AssuredPartners Inc Term B | 20,178,032 | 20,119,172 | ||||||
BCPE Rover Merger Sub Inc (2nd Lien) | 1,750,000 | 1,615,833 | ||||||
Blackstone Mortgage Trust Inc Term B | 3,192,000 | 3,209,917 | ||||||
Deerfield Dakota Holding LLC | 870,625 | 871,713 | ||||||
Term B 5.294% (USD LIBOR + 3.250%) due 02/13/25 § | 9,698,564 | 9,540,962 | ||||||
DTZ US Borrower LLC Term B | 10,532,777 | 10,578,805 | ||||||
HUB International Ltd Term B | 16,158,659 | 16,002,114 | ||||||
NFP Corp Term B | 10,458,483 | 10,292,455 | ||||||
USI Inc Term B | 14,067,352 | 13,844,623 | ||||||
|
| |||||||
107,020,235 | ||||||||
|
|
Principal Amount |
Value | |||||||
Industrial - 20.9% |
| |||||||
Advanced Disposal Services Inc Term B | $40,516,750 | $40,673,751 | ||||||
API Group DE Inc Term B | 3,750,000 | 3,768,750 | ||||||
Berry Global Inc Term Q | 22,469,974 | 22,595,289 | ||||||
Cornerstone Building Brands Inc Term B | 5,547,301 | 5,438,668 | ||||||
DiversiTech Holdings Inc Term B | 6,568,457 | 6,445,298 | ||||||
Dynasty Acquisition Co Inc | 16,961,782 | 17,067,793 | ||||||
Engineered Machinery Holdings Inc | 5,725,331 | 5,629,907 | ||||||
6.354% (USD LIBOR + 4.250%) due 07/19/24 § | 3,225,625 | 3,221,593 | ||||||
EWT Holdings III Corp | 14,739,396 | 14,813,093 | ||||||
Filtration Group Corp Term B | 22,455,713 | 22,537,587 | ||||||
Flex Acquisition Co Inc Term B | 6,176,909 | 5,960,718 | ||||||
Gates Global LLC TermB-2 | 9,540,829 | 9,421,569 | ||||||
GFL Environmental Inc Term B (Canada) | 22,150,590 | 21,984,460 | ||||||
Milacron LLC Term B | 28,892,868 | 28,928,261 | ||||||
Pregis TopCo Corp Term B | 2,250,000 | 2,247,188 | ||||||
Pro Mach Group Inc Term B | 5,743,254 | 5,601,108 | ||||||
Reynolds Group Holdings Inc Term B | 26,778,378 | 26,851,591 | ||||||
StandardAero (Canada) | 9,119,238 | 9,176,233 | ||||||
Tailwind Smith Cooper Intermediate Corp (2nd Lien) | 2,200,000 | 2,073,500 | ||||||
The Hillman Group Inc Term B | 12,931,552 | 12,567,852 | ||||||
Transcendia Holdings Inc Term B | 4,099,603 | 3,505,160 | ||||||
TransDigm Inc | ||||||||
Term E 4.544% (USD LIBOR + 2.500%) due 05/30/25 § | 6,880,113 | 6,864,523 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-27
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount |
Value | |||||||
Term F 4.544% (USD LIBOR + 2.500%) due 06/09/23 § | $8,134,109 | $8,129,660 | ||||||
Term G 4.544% (USD LIBOR + 2.500%) due 08/22/24 § | 15,887,569 | 15,852,807 | ||||||
Wesco Aircraft Hardware Corp Term A | 13,595,576 | 13,595,576 | ||||||
WP CPP Holdings LLC Term B | 14,159,109 | 14,198,925 | ||||||
|
| |||||||
329,150,860 | ||||||||
|
| |||||||
Technology - 11.8% |
| |||||||
Applied Systems Inc | ||||||||
(2nd Lien) 9.104% (USD LIBOR + 7.000%) due 09/19/25 § | 16,389,070 | 16,624,663 | ||||||
Term B 5.104% (USD LIBOR + 3.250%) due 09/19/24 §¥ | 10,536,874 | 10,535,936 | ||||||
CCC Information Services Inc (2nd Lien) | 6,155,000 | 6,219,117 | ||||||
Epicor Software Corp Term B | 23,196,783 | 23,228,192 | ||||||
Kronos Inc (2nd Lien) | 11,285,000 | 11,496,594 | ||||||
Sophia LP Term B | 23,935,867 | 23,968,276 | ||||||
SS&C European Holdings SARL TermB-4 | 4,406,081 | 4,429,949 | ||||||
SS&C Technologies Inc TermB-3 | 6,645,999 | 6,682,000 | ||||||
Tempo Acquisition LLC Term B | 21,559,230 | 21,650,856 | ||||||
The Dun & Bradstreet Corp Term B | 20,770,000 | 20,932,255 | ||||||
The Ultimate Software Group Inc | 18,050,000 | 18,165,069 | ||||||
Vertafore Inc | 15,650,000 | 15,444,594 | ||||||
Term B 5.294% (USD LIBOR + 3.250%) due 07/02/25 § | 7,779,911 | 7,580,068 | ||||||
|
| |||||||
186,957,569 | ||||||||
|
| |||||||
Utilities - 0.5% |
| |||||||
Pike Corp Term B | 2,199,265 | 2,210,261 | ||||||
Vistra Operations Co LLC TermB-1 | 6,171,072 | 6,200,644 | ||||||
|
| |||||||
8,410,905 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 1,435,528,114 | ||||||
|
|
Shares |
Value | |||||||
SHORT-TERM INVESTMENT - 3.9% |
| |||||||
Money Market Fund - 3.9% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio | 60,996,906 | $60,996,906 | ||||||
|
| |||||||
Total Short-Term Investment |
| 60,996,906 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 101.2% |
| 1,597,540,135 | ||||||
OTHER ASSETS & LIABILITIES, NET - (1.2%) |
| (18,219,204 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $1,579,320,931 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Industrial | 23.8% | |||
Consumer,Non-Cyclical | 23.3% | |||
Consumer, Cyclical | 15.8% | |||
Technology | 11.8% | |||
Communications | 11.7% | |||
Financial | 6.8% | |||
Short-Term Investment | 3.9% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
101.2% | ||||
Other Assets & Liabilities, Net | (1.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitments | Value | Unrealized Appreciation (Depreciation) | |||||||||
Allied Universal Holdco LLC | $1,529,638 | $1,533,780 | $4,142 | |||||||||
CSC Holdings LLC | 6,000,000 | 6,018,750 | 18,750 | |||||||||
Heartland Dental LLC | 282,609 | 277,266 | (5,343 | ) | ||||||||
Mister Car Wash Holdings Inc | 330,985 | 331,108 | 123 | |||||||||
PetVet Care Centers LLC | 371,515 | 371,545 | 30 | |||||||||
|
|
|
|
|
| |||||||
$8,514,747 | $8,532,449 | $17,702 | ||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-28
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Warrants | $15,246 | $— | $15,246 | $— | |||||||||||||
Common Stocks | 146 | — | — | 146 | ||||||||||||||
Exchange-Traded Fund | 22,679,795 | 22,679,795 | — | — | ||||||||||||||
Corporate Bonds & Notes | 78,319,928 | — | 78,319,928 | — | ||||||||||||||
Senior Loan Notes | 1,435,528,114 | — | 1,435,528,114 | — | ||||||||||||||
Short-Term Investment | 60,996,906 | 60,996,906 | — | — | ||||||||||||||
Unfunded Loan Commitments | 8,532,449 | — | 8,532,449 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $1,606,072,584 | $83,676,701 | $1,522,395,737 | $146 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-29
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM HIGH INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 1.1% |
| |||||||
Basic Materials - 0.2% |
| |||||||
Constellium SE * | 11,516 | $146,368 | ||||||
Hexion Holdings Corp ‘B’ * | 11,203 | 126,034 | ||||||
|
| |||||||
272,402 | ||||||||
|
| |||||||
Consumer, Cyclical - 0.2% |
| |||||||
Cedar Fair LP | 2,660 | 155,238 | ||||||
Party City Holdco Inc * | 9,344 | 53,354 | ||||||
|
| |||||||
208,592 | ||||||||
|
| |||||||
Energy - 0.3% |
| |||||||
Chevron Corp | 804 | 95,355 | ||||||
Diamondback Energy Inc | 903 | 81,189 | ||||||
Exxon Mobil Corp | 1,235 | 87,203 | ||||||
Pioneer Natural Resources Co | 581 | 73,072 | ||||||
|
| |||||||
336,819 | ||||||||
|
| |||||||
Financial - 0.3% |
| |||||||
Citigroup Inc | 1,430 | 98,784 | ||||||
Outfront Media Inc REIT | 4,360 | 121,121 | ||||||
The Goldman Sachs Group Inc | 486 | 100,714 | ||||||
|
| |||||||
320,619 | ||||||||
|
| |||||||
Industrial - 0.1% |
| |||||||
Evoqua Water Technologies Corp * | 5,617 | 95,601 | ||||||
Xylem Inc | 976 | 77,709 | ||||||
|
| |||||||
173,310 | ||||||||
|
| |||||||
Total Common Stocks |
| 1,311,742 | ||||||
|
| |||||||
Principal Amount | ||||||||
CORPORATE BONDS & NOTES - 81.2% |
| |||||||
Basic Materials - 2.9% |
| |||||||
Alcoa Nederland Holding BV | $ 400,000 | 436,012 | ||||||
Barminco Finance Pty Ltd (Australia) | 1,125,000 | 1,157,203 | ||||||
Constellium SE | 350,000 | 365,750 | ||||||
Hecla Mining Co | 400,000 | 398,000 | ||||||
Hexion Inc | 275,000 | 272,937 | ||||||
JW Aluminum Continuous Cast Co | 475,000 | 502,312 | ||||||
Olin Corp | 400,000 | 402,140 | ||||||
|
| |||||||
3,534,354 | ||||||||
|
| |||||||
Communications - 13.8% |
| |||||||
Altice Financing SA (Luxembourg) | 125,000 | 133,124 | ||||||
Altice France SA (France) | 450,000 | 484,182 | ||||||
CCO Holdings LLC | 936,000 | 969,930 | ||||||
Clear Channel Worldwide Holdings Inc | ||||||||
5.125% due 08/15/27 ~ | 125,000 | 130,544 | ||||||
9.250% due 02/15/24 ~ | 340,000 | 374,394 | ||||||
CommScope Inc | ||||||||
6.000% due 03/01/26 ~ | 400,000 | 415,920 | ||||||
8.250% due 03/01/27 ~ | 300,000 | 293,156 |
Principal Amount | Value | |||||||
CSC Holdings LLC | ||||||||
6.500% due 02/01/29 ~ | $1,050,000 | $1,169,017 | ||||||
6.625% due 10/15/25 ~ | 1,350,000 | 1,448,280 | ||||||
Diamond Sports Group LLC | 1,200,000 | 1,246,260 | ||||||
Frontier Communications Corp | ||||||||
8.000% due 04/01/27 ~ | 100,000 | 105,719 | ||||||
8.500% due 04/01/26 ~ | 25,000 | 25,060 | ||||||
11.000% due 09/15/25 | 300,000 | 137,062 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | ||||||||
8.000% due 02/15/24 ~ | 75,000 | 78,094 | ||||||
8.500% due 10/15/24 ~ | 425,000 | 429,118 | ||||||
9.750% due 07/15/25 ~ | 150,000 | 157,425 | ||||||
Level 3 Financing Inc | 1,925,000 | 2,006,524 | ||||||
Nexstar Escrow Inc | 550,000 | 577,500 | ||||||
Outfront Media Capital LLC | 525,000 | 552,562 | ||||||
Radiate Holdco LLC | 425,000 | 439,344 | ||||||
Sirius XM Radio Inc | ||||||||
4.625% due 07/15/24 ~ | 50,000 | 51,966 | ||||||
5.500% due 07/01/29 ~ | 775,000 | 829,250 | ||||||
Sprint Capital Corp | 400,000 | 494,380 | ||||||
Sprint Corp | ||||||||
7.625% due 02/15/25 | 975,000 | 1,074,937 | ||||||
7.625% due 03/01/26 | 475,000 | 525,469 | ||||||
7.875% due 09/15/23 | 1,400,000 | 1,541,344 | ||||||
Telesat LLC (Canada) | 50,000 | 51,000 | ||||||
Townsquare Media Inc | 175,000 | 175,219 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 950,000 | 998,972 | ||||||
|
| |||||||
16,915,752 | ||||||||
|
| |||||||
Consumer, Cyclical - 16.9% |
| |||||||
American Airlines Pass-Through Trust ‘B’ | 123,829 | 131,913 | ||||||
American Axle & Manufacturing Inc | ||||||||
6.250% due 04/01/25 | 450,000 | 437,062 | ||||||
6.500% due 04/01/27 | 75,000 | 71,625 | ||||||
Beazer Homes USA Inc | 1,450,000 | 1,415,562 | ||||||
Caesars Resort Collection LLC | 1,225,000 | 1,255,502 | ||||||
CCM Merger Inc | 425,000 | 436,687 | ||||||
Cedar Fair LP | ||||||||
5.375% due 06/01/24 | 500,000 | 515,625 | ||||||
5.375% due 04/15/27 | 500,000 | 537,650 | ||||||
Constellation Merger Sub Inc | 1,375,000 | 1,158,437 | ||||||
Core & Main Holdings LP | 250,000 | 252,812 | ||||||
Core & Main LP | 625,000 | 626,562 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 600,000 | 642,000 | ||||||
Gateway Casinos & Entertainment Ltd (Canada) | 500,000 | 521,250 | ||||||
Golden Nugget Inc | ||||||||
6.750% due 10/15/24 ~ | 1,025,000 | 1,053,187 | ||||||
8.750% due 10/01/25 ~ | 725,000 | 757,625 | ||||||
Hilton Grand Vacations Borrower LLC | 875,000 | 934,062 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-30
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Jacobs Entertainment Inc | $900,000 | $963,000 | ||||||
Lennar Corp | 600,000 | 643,500 | ||||||
Marriott Ownership Resorts Inc | 275,000 | 278,437 | ||||||
Mattamy Group Corp (Canada) | 550,000 | 580,250 | ||||||
Mattel Inc | ||||||||
3.150% due 03/15/23 | 125,000 | 118,750 | ||||||
6.750% due 12/31/25 ~ | 500,000 | 522,970 | ||||||
Merlin Entertainments PLC (United Kingdom) | 775,000 | 804,547 | ||||||
Michaels Stores Inc | 565,000 | 567,825 | ||||||
New Red Finance Inc (Canada) | ||||||||
3.875% due 01/15/28 ~ | 100,000 | 100,886 | ||||||
5.000% due 10/15/25 ~ | 925,000 | 957,837 | ||||||
Panther BF Aggregator 2 LP | ||||||||
6.250% due 05/15/26 ~ | 500,000 | 527,500 | ||||||
8.500% due 05/15/27 ~ | 250,000 | 253,750 | ||||||
Scientific Games International Inc | ||||||||
5.000% due 10/15/25 ~ | 650,000 | 672,295 | ||||||
8.250% due 03/15/26 ~ | 200,000 | 213,500 | ||||||
Six Flags Entertainment Corp | 750,000 | 801,547 | ||||||
Tesla Inc | 750,000 | 675,937 | ||||||
US Airways Pass-Through Trust ‘B’ | 167,733 | 175,123 | ||||||
VOC Escrow Ltd | 600,000 | 622,560 | ||||||
Wynn Resorts Finance LLC | 425,000 | 446,154 | ||||||
|
| |||||||
20,673,929 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 11.3% |
| |||||||
Ahern Rentals Inc | 2,076,000 | 1,777,575 | ||||||
Albertsons Cos Inc | 700,000 | 742,658 | ||||||
Bausch Health Americas Inc | 125,000 | 140,600 | ||||||
Bausch Health Cos Inc | ||||||||
5.500% due 11/01/25 ~ | 275,000 | 288,777 | ||||||
5.750% due 08/15/27 ~ | 600,000 | 649,998 | ||||||
6.125% due 04/15/25 ~ | 75,000 | 78,000 | ||||||
7.000% due 01/15/28 ~ | 100,000 | 107,960 | ||||||
9.000% due 12/15/25 ~ | 550,000 | 619,437 | ||||||
CHS/Community Health Systems Inc | 700,000 | 700,875 | ||||||
Eagle Holding Co II LLC | ||||||||
7.625% Cash or 8.375% PIK due 05/15/22 ~ | 635,000 | 641,350 | ||||||
7.750% Cash or PIK due 05/15/22 ~ | 275,000 | 277,750 | ||||||
HCA Inc | ||||||||
5.375% due 09/01/26 | 150,000 | 165,180 | ||||||
5.875% due 02/01/29 | 875,000 | 980,000 | ||||||
Jaguar Holding Co II | 90,000 | 93,262 | ||||||
JBS Investments II GmbH | ||||||||
5.750% due 01/15/28 ~ | 200,000 | 208,750 | ||||||
7.000% due 01/15/26 ~ | 900,000 | 973,341 | ||||||
JBS USA LLC | 150,000 | 159,372 | ||||||
5.750% due 06/15/25 ~ | 125,000 | 130,696 | ||||||
5.875% due 07/15/24 ~ | 400,000 | 412,770 | ||||||
6.500% due 04/15/29 ~ | 50,000 | 55,625 | ||||||
Pilgrim’s Pride Corp | ||||||||
5.750% due 03/15/25 ~ | 205,000 | 212,688 | ||||||
5.875% due 09/30/27 ~ | 300,000 | 323,325 |
Principal Amount | Value | |||||||
RegionalCare Hospital Partners Holdings Inc | $400,000 | $428,960 | ||||||
Select Medical Corp | 500,000 | 523,750 | ||||||
Tenet Healthcare Corp | ||||||||
4.875% due 01/01/26 ~ | 180,000 | 184,950 | ||||||
6.250% due 02/01/27 ~ | 600,000 | 624,690 | ||||||
6.750% due 06/15/23 | 625,000 | 658,706 | ||||||
TMS International Holding Corp | 1,315,000 | 1,130,900 | ||||||
Verscend Escrow Corp | 525,000 | 561,026 | ||||||
|
| |||||||
13,852,971 | ||||||||
|
| |||||||
Energy - 11.4% |
| |||||||
Antero Resources Corp | 250,000 | 204,615 | ||||||
Archrock Partners LP | 475,000 | 506,450 | ||||||
Ascent Resources Utica Holdings LLC | 825,000 | 693,000 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
5.125% due 06/30/27 | 1,075,000 | 1,179,813 | ||||||
5.875% due 03/31/25 | 375,000 | 418,125 | ||||||
Cheniere Energy Partners LP | 675,000 | 719,651 | ||||||
Chesapeake Energy Corp | ||||||||
8.000% due 01/15/25 | 150,000 | 109,125 | ||||||
8.000% due 06/15/27 | 25,000 | 16,938 | ||||||
Crestwood Midstream Partners LP | ||||||||
5.625% due 05/01/27 ~ | 200,000 | 204,688 | ||||||
5.750% due 04/01/25 | 250,000 | 258,125 | ||||||
6.250% due 04/01/23 | 750,000 | 773,438 | ||||||
Denbury Resources Inc | ||||||||
5.500% due 05/01/22 | 9,000 | 4,725 | ||||||
6.375% due 12/31/24 ~ | 11,000 | 6,510 | ||||||
7.750% due 02/15/24 ~ | 4,000 | 3,120 | ||||||
9.250% due 03/31/22 ~ | 525,000 | 462,000 | ||||||
Endeavor Energy Resources LP | ||||||||
5.500% due 01/30/26 ~ | 50,000 | 52,250 | ||||||
5.750% due 01/30/28 ~ | 525,000 | 560,438 | ||||||
Energy Transfer Operating LP | 675,000 | 627,089 | ||||||
Global Partners LP | 470,000 | 485,275 | ||||||
Gulfport Energy Corp | 550,000 | 387,750 | ||||||
Moss Creek Resources Holdings Inc | ||||||||
7.500% due 01/15/26 ~ | 335,000 | 248,319 | ||||||
10.500% due 05/15/27 ~ | 300,000 | 244,500 | ||||||
MPLX LP | 650,000 | 650,845 | ||||||
Nabors Industries Inc | 250,000 | 186,250 | ||||||
Parsley Energy LLC | ||||||||
5.250% due 08/15/25 ~ | 225,000 | 229,435 | ||||||
5.375% due 01/15/25 ~ | 225,000 | 228,938 | ||||||
5.625% due 10/15/27 ~ | 25,000 | 25,938 | ||||||
SESI LLC | 600,000 | 351,000 | ||||||
SM Energy Co | ||||||||
5.625% due 06/01/25 | 575,000 | 495,823 | ||||||
6.750% due 09/15/26 | 225,000 | 198,000 | ||||||
Targa Resources Partners LP | ||||||||
5.125% due 02/01/25 | 500,000 | 516,675 | ||||||
5.375% due 02/01/27 | 50,000 | 51,938 | ||||||
5.875% due 04/15/26 | 950,000 | 1,007,000 | ||||||
6.500% due 07/15/27 ~ | 50,000 | 54,680 | ||||||
Transocean Inc | 375,000 | 266,250 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-31
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
USA Compression Partners LP | $650,000 | $674,375 | ||||||
Whiting Petroleum Corp | ||||||||
6.250% due 04/01/23 | 300,000 | 232,500 | ||||||
6.625% due 01/15/26 | 25,000 | 17,000 | ||||||
WPX Energy Inc | 600,000 | 606,000 | ||||||
|
| |||||||
13,958,591 | ||||||||
|
| |||||||
Financial - 8.7% |
| |||||||
Ally Financial Inc | 2,131,000 | 2,394,754 | ||||||
CNO Financial Group Inc | 600,000 | 658,500 | ||||||
GLP Capital LP REIT | 750,000 | 855,930 | ||||||
Iron Mountain Inc REIT | 475,000 | 483,455 | ||||||
MGM Growth Properties Operating Partnership LP REIT | ||||||||
5.625% due 05/01/24 | 1,075,000 | 1,182,500 | ||||||
5.750% due 02/01/27 ~ | 150,000 | 168,608 | ||||||
Park Aerospace Holdings Ltd (Ireland) | ||||||||
5.250% due 08/15/22 ~ | 425,000 | 448,970 | ||||||
5.500% due 02/15/24 ~ | 550,000 | 594,908 | ||||||
Springleaf Finance Corp | ||||||||
5.625% due 03/15/23 | 375,000 | 401,250 | ||||||
6.125% due 03/15/24 | 625,000 | 674,219 | ||||||
6.875% due 03/15/25 | 25,000 | 27,609 | ||||||
7.125% due 03/15/26 | 1,000,000 | 1,111,200 | ||||||
The Howard Hughes Corp | 1,650,000 | 1,732,500 | ||||||
|
| |||||||
10,734,403 | ||||||||
|
| |||||||
Industrial - 13.9% |
| |||||||
Apex Tool Group LLC | 325,000 | 290,063 | ||||||
ARD Securities Finance SARL (Luxembourg) | 488,774 | 508,325 | ||||||
BBA US Holdings Inc | 900,000 | 947,250 | ||||||
Bombardier Inc (Canada) | ||||||||
5.750% due 03/15/22 ~ | 325,000 | 332,313 | ||||||
7.500% due 03/15/25 ~ | 300,000 | 300,750 | ||||||
Brand Industrial Services Inc | 650,000 | 620,750 | ||||||
BWX Technologies Inc | 875,000 | 924,219 | ||||||
Cloud Crane LLC | 475,000 | 509,438 | ||||||
Flex Acquisition Co Inc | 585,000 | 536,504 | ||||||
GFL Environmental Inc (Canada) | ||||||||
5.625% due 05/01/22 ~ | 300,000 | 308,250 | ||||||
7.000% due 06/01/26 ~ | 525,000 | 553,875 | ||||||
Granite Holdings US Acquisition Co | 675,000 | 654,750 | ||||||
Itron Inc | 1,300,000 | 1,342,640 | ||||||
Mauser Packaging Solutions Holding Co | ||||||||
5.500% due 04/15/24 ~ | 125,000 | 129,350 | ||||||
7.250% due 04/15/25 ~ | 1,575,000 | 1,494,754 | ||||||
Mueller Water Products Inc | 1,176,000 | 1,231,860 | ||||||
New Enterprise Stone & Lime Co Inc | 1,140,000 | 1,177,050 | ||||||
Sensata Tech Inc | 200,000 | 200,500 | ||||||
Sensata Technologies BV | 1,175,000 | 1,283,688 |
Principal Amount | Value | |||||||
Standard Industries Inc | $975,000 | $1,011,475 | ||||||
Titan Acquisition Ltd (Canada) | 685,000 | 643,900 | ||||||
TransDigm Inc | ||||||||
6.250% due 03/15/26 ~ | 350,000 | 376,688 | ||||||
6.500% due 07/15/24 | 775,000 | 802,125 | ||||||
TransDigm UK Holdings PLC | 825,000 | 888,938 | ||||||
|
| |||||||
17,069,455 | ||||||||
|
| |||||||
Technology - 0.5% |
| |||||||
Qorvo Inc | 100,000 | 100,875 | ||||||
Tempo Acquisition LLC | 450,000 | 465,750 | ||||||
|
| |||||||
566,625 | ||||||||
|
| |||||||
Utilities - 1.8% |
| |||||||
Calpine Corp | ||||||||
5.250% due 06/01/26 ~ | 175,000 | 181,781 | ||||||
5.875% due 01/15/24 ~ | 350,000 | 358,750 | ||||||
NRG Energy Inc | 640,000 | 703,360 | ||||||
Talen Energy Supply LLC | ||||||||
6.500% due 06/01/25 | 650,000 | 497,250 | ||||||
7.250% due 05/15/27 ~ | 100,000 | 102,130 | ||||||
Vistra Operations Co LLC | ||||||||
5.000% due 07/31/27 ~ | 125,000 | 129,023 | ||||||
5.500% due 09/01/26 ~ | 200,000 | 209,740 | ||||||
|
| |||||||
2,182,034 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 99,488,114 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 8.5% |
| |||||||
Basic Materials - 0.2% |
| |||||||
Aleris International Inc | 246,875 | 247,492 | ||||||
|
| |||||||
Communications - 0.2% |
| |||||||
Sprint Communications Inc Term B | 248,125 | 247,968 | ||||||
|
| |||||||
Consumer, Cyclical - 2.6% |
| |||||||
18 Fremont Street Acquisition LLC | 250,000 | 251,250 | ||||||
Bass Pro Group LLC Term B | 992,405 | 957,826 | ||||||
Burger King Term B (Canada) | 957,831 | 962,117 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 992,366 | 992,981 | ||||||
|
| |||||||
3,164,174 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 0.2% |
| |||||||
Allied Universal Holdco LLC | 227,478 | 228,094 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-32
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Energy - 0.4% |
| |||||||
Prairie ECI Acquiror LP | $497,500 | $488,794 | ||||||
|
| |||||||
Financial - 0.8% |
| |||||||
Deerfield Dakota Holding LLC Term B | 992,443 | 976,316 | ||||||
|
| |||||||
Industrial - 4.1% |
| |||||||
Advanced Disposal Services Inc Term B | 843,108 | 846,375 | ||||||
Dynasty Acquisition Co Inc | 650,350 | 654,414 | ||||||
EWT Holdings III Corp | 1,171,641 | 1,177,499 | ||||||
NCI Building Systems Inc Term B | 744,347 | 729,770 | ||||||
North American Lifting Holdings Inc (2nd Lien) | 350,000 | 255,500 | ||||||
Reynolds Group Holdings Inc Term B | 992,347 | 995,060 | ||||||
StandardAero (Canada) | 349,650 | 351,836 | ||||||
|
| |||||||
5,010,454 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 10,363,292 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 1.8% |
| |||||||
Benefit Street Partners CLO Ltd ‘D’ (Cayman) | 250,000 | 230,389 | ||||||
Benefit Street Partners CLO Ltd ‘E’ (Cayman) | 250,000 | 243,874 | ||||||
Dryden Senior Loan Fund ‘E’ (Cayman) | 300,000 | 297,547 | ||||||
Dryden Senior Loan Fund ‘F’ (Cayman) | 250,000 | 214,971 | ||||||
Magnetite XXII Ltd ‘E’ (Cayman) | 500,000 | 500,097 |
Principal Amount | Value | |||||||
Neuberger Berman Loan Advisers CLO Ltd ‘E’ (Cayman) | $300,000 | $296,417 | ||||||
9.274% (USD LIBOR + 6.750%) due 04/20/31 § ~ | 500,000 | 490,400 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 2,273,695 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 6.6% | ||||||||
Money Market Fund - 6.6% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 8,115,992 | 8,115,992 | ||||||
|
| |||||||
Total Short-Term Investment |
| 8,115,992 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.2% |
| 121,552,835 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.8% |
| 972,703 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $122,525,538 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 19.7% | |||
Industrial | 18.1% | |||
Communications | 14.0% | |||
Energy | 12.1% | |||
Consumer,Non-Cyclical | 11.5% | |||
Financial | 9.8% | |||
Short-Term Investment | 6.6% | |||
Basic Materials | 3.3% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
99.2% | ||||
Other Assets & Liabilities, Net | 0.8% | |||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitment | Value | Unrealized Appreciation (Depreciation) | |||||||||
Allied Universal Holdco LLC | $22,523 | $22,584 | $61 | |||||||||
|
|
|
|
|
|
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $1,311,742 | $1,311,742 | $— | $— | |||||||||||||
Corporate Bonds & Notes | 99,488,114 | — | 99,488,114 | — | ||||||||||||||
Senior Loan Notes | 10,363,292 | — | 10,363,292 | — | ||||||||||||||
Asset-Backed Securities | 2,273,695 | — | 2,273,695 | — | ||||||||||||||
Short-Term Investment | 8,115,992 | 8,115,992 | — | — | ||||||||||||||
Unfunded Loan Commitment | 22,584 | — | 22,584 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $121,575,419 | $9,427,734 | $112,147,685 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-33
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM DIVERSIFIED INCOME
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 0.1% |
| |||||||
Brazil - 0.0% |
| |||||||
Itau Unibanco Holding SA | 1,300 | $10,973 | ||||||
Telefonica Brasil SA | 500 | 6,607 | ||||||
|
| |||||||
17,580 | ||||||||
|
| |||||||
Germany - 0.1% |
| |||||||
Henkel AG & Co KGaA | 87 | 8,609 | ||||||
Volkswagen AG | 54 | 9,185 | ||||||
|
| |||||||
17,794 | ||||||||
|
| |||||||
Total Preferred Stocks |
| 35,374 | ||||||
|
| |||||||
COMMON STOCKS - 63.3% |
| |||||||
Australia - 0.8% |
| |||||||
ASX Ltd | 88 | 4,822 | ||||||
Aurizon Holdings Ltd | 990 | 3,946 | ||||||
Australia & New Zealand Banking Group Ltd | 475 | 9,125 | ||||||
BHP Group Ltd | 1,031 | 25,477 | ||||||
BHP Group PLC | 913 | 19,501 | ||||||
Cochlear Ltd | 20 | 2,814 | ||||||
Commonwealth Bank Of Australia | 281 | 15,328 | ||||||
CSL Ltd | 148 | 23,401 | ||||||
Dexus REIT | 521 | 4,197 | ||||||
Macquarie Group Ltd | 44 | 3,900 | ||||||
National Australia Bank Ltd | 423 | 8,481 | ||||||
Rio Tinto PLC | 561 | 29,162 | ||||||
Scentre Group REIT | 1,473 | 3,908 | ||||||
Sonic Healthcare Ltd | 160 | 3,034 | ||||||
South32 Ltd | 1,780 | 3,139 | ||||||
Telstra Corp Ltd | 1,483 | 3,515 | ||||||
Transurban Group » | 1,117 | 11,089 | ||||||
Wesfarmers Ltd | 461 | 12,386 | ||||||
Westpac Banking Corp | 545 | 10,885 | ||||||
Woodside Petroleum Ltd | 310 | 6,773 | ||||||
Woolworths Group Ltd | 753 | 18,948 | ||||||
|
| |||||||
223,831 | ||||||||
|
| |||||||
Belgium - 0.2% |
| |||||||
Anheuser-Busch InBev SA NV | 532 | 50,636 | ||||||
|
| |||||||
Brazil - 0.4% |
| |||||||
Ambev SA | 9,300 | 42,975 | ||||||
B3 SA - Brasil Bolsa Balcao | 2,400 | 25,311 | ||||||
BB Seguridade Participacoes SA | 900 | 7,620 | ||||||
CCR SA | 3,200 | 13,285 | ||||||
Kroton Educacional SA | 1,200 | 3,238 | ||||||
Lojas Renner SA | 800 | 9,698 | ||||||
Raia Drogasil SA | 300 | 6,921 | ||||||
WEG SA | 1,600 | 9,358 | ||||||
|
| |||||||
118,406 | ||||||||
|
| |||||||
Canada - 0.2% |
| |||||||
Enbridge Inc | 1,446 | 50,726 | ||||||
|
| |||||||
China - 2.0% |
| |||||||
AAC Technologies Holdings Inc | 1,000 | 5,276 | ||||||
Alibaba Group Holding Ltd ADR * | 281 | 46,992 | ||||||
Anhui Conch Cement Co Ltd ‘H’ | 2,000 | 11,869 | ||||||
ANTA Sports Products Ltd | 1,000 | 8,266 | ||||||
Baidu Inc ADR * | 205 | 21,066 | ||||||
Bank Of China Ltd ‘H’ | 13,000 | 5,098 | ||||||
China Construction Bank Corp ‘H’ | 18,000 | 13,715 | ||||||
China Mobile Ltd | 6,500 | 53,844 |
Shares | Value | |||||||
China Overseas Land & Investment Ltd | 8,000 | $25,170 | ||||||
China Petroleum & Chemical Corp ‘H’ | 14,000 | 8,284 | ||||||
China Resources Land Ltd | 6,000 | 25,132 | ||||||
China Shenhua Energy Co Ltd ‘H’ | 4,000 | 8,031 | ||||||
China Telecom Corp Ltd ‘H’ | 12,000 | 5,464 | ||||||
CITIC Ltd | 9,000 | 11,361 | ||||||
CNOOC Ltd | 8,000 | 12,249 | ||||||
Country Garden Holdings Co Ltd | 12,000 | 15,199 | ||||||
CRRC Corp Ltd ‘H’ | 13,000 | 9,071 | ||||||
CSPC Pharmaceutical Group Ltd | 6,000 | 12,041 | ||||||
Geely Automobile Holdings Ltd | 8,000 | 13,595 | ||||||
Guangdong Investment Ltd | 12,000 | 23,485 | ||||||
Guangzhou Automobile Group Co Ltd ‘H’ | 4,000 | 3,828 | ||||||
Hengan International Group Co Ltd | 1,000 | 6,553 | ||||||
Industrial & Commercial Bank of China Ltd ‘H’ | 13,000 | 8,709 | ||||||
Lenovo Group Ltd | 6,000 | 4,003 | ||||||
Longfor Group Holdings Ltd ~ | 3,000 | 11,204 | ||||||
NetEase Inc ADR | 30 | 7,985 | ||||||
New Oriental Education & Technology Group Inc ADR * | 74 | 8,196 | ||||||
Petrochina Co Ltd ‘H’ | 12,000 | 6,155 | ||||||
PICC Property & Casualty Co Ltd ‘H’ | 6,000 | 7,001 | ||||||
Ping An Insurance Group Co of China Ltd ‘H’ | 5,000 | 57,469 | ||||||
Prosus NV * | 218 | 16,003 | ||||||
Shenzhou International Group Holdings Ltd | 700 | 9,132 | ||||||
Shimao Property Holdings Ltd | 2,500 | 7,301 | ||||||
Sunac China Holdings Ltd | 2,000 | 8,039 | ||||||
TAL Education Group ADR * | 183 | 6,266 | ||||||
Tencent Holdings Ltd | 1,300 | 54,376 | ||||||
Yum China Holdings Inc | 270 | 12,266 | ||||||
|
| |||||||
569,694 | ||||||||
|
| |||||||
Denmark - 0.3% |
| |||||||
Coloplast AS ‘B’ | 42 | 5,053 | ||||||
DSV Panalpina AS | 77 | 7,319 | ||||||
Genmab AS * | 20 | 4,064 | ||||||
Novo Nordisk AS ‘B’ | 1,142 | 59,014 | ||||||
Novozymes AS ‘B’ | 79 | 3,323 | ||||||
Pandora AS | 84 | 3,371 | ||||||
|
| |||||||
82,144 | ||||||||
|
| |||||||
Finland - 0.2% |
| |||||||
Kone OYJ ‘B’ | 125 | 7,114 | ||||||
Nokian Renkaat OYJ | 113 | 3,185 | ||||||
Nordea Bank Abp | 799 | 5,668 | ||||||
Orion OYJ ‘B’ | 84 | 3,130 | ||||||
Sampo OYJ ‘A’ | 354 | 14,065 | ||||||
Stora Enso OYJ ‘R’ | 312 | 3,755 | ||||||
UPM-Kymmene OYJ | 290 | 8,563 | ||||||
|
| |||||||
45,480 | ||||||||
|
| |||||||
France - 1.4% |
| |||||||
Air Liquide SA | 155 | 22,060 | ||||||
Atos SE | 69 | 4,857 | ||||||
AXA SA | 435 | 11,107 | ||||||
BNP Paribas SA | 180 | 8,751 | ||||||
Bouygues SA | 95 | 3,804 | ||||||
Cie de Saint-Gobain | 216 | 8,466 | ||||||
Cie Generale des Etablissements Michelin SCA | 133 | 14,809 | ||||||
Dassault Systemes SE | 43 | 6,126 | ||||||
Engie SA | 510 | 8,324 | ||||||
EssilorLuxottica SA | 95 | 13,697 | ||||||
Hermes International | 13 | 8,979 | ||||||
L’Oreal SA | 123 | 34,399 | ||||||
Legrand SA | 99 | 7,062 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 98 | 38,883 | ||||||
Orange SA | 431 | 6,746 | ||||||
Pernod Ricard SA | 106 | 18,866 | ||||||
Peugeot SA | 244 | 6,090 | ||||||
Publicis Groupe SA | 100 | 4,921 | ||||||
Renault SA | 82 | 4,706 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-34
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Sanofi | 737 | $68,271 | ||||||
Schneider Electric SE | 441 | 38,562 | ||||||
Sodexo SA | 35 | 3,929 | ||||||
TOTAL SA | 554 | 28,845 | ||||||
Unibail-Rodamco-Westfield REIT | 38 | 5,540 | ||||||
Valeo SA | 104 | 3,370 | ||||||
Vinci SA | 190 | 20,467 | ||||||
|
| |||||||
401,637 | ||||||||
|
| |||||||
Germany - 1.1% |
| |||||||
adidas AG | 64 | 19,926 | ||||||
Allianz SE | 65 | 15,130 | ||||||
Aroundtown SA | 926 | 7,574 | ||||||
BASF SE | 586 | 40,972 | ||||||
Bayer AG | 517 | 36,424 | ||||||
Bayerische Motoren Werke AG | 97 | 6,831 | ||||||
Beiersdorf AG | 49 | 5,777 | ||||||
Continental AG | 32 | 4,106 | ||||||
Daimler AG | 266 | 13,225 | ||||||
Deutsche Post AG | 339 | 11,297 | ||||||
Deutsche Telekom AG | 485 | 8,135 | ||||||
E.ON SE | 420 | 4,084 | ||||||
Fresenius Medical Care AG & Co KGaA | 75 | 5,040 | ||||||
HeidelbergCement AG | 43 | 3,107 | ||||||
Henkel AG & Co KGaA | 51 | 4,669 | ||||||
Infineon Technologies AG | 435 | 7,816 | ||||||
MTU Aero Engines AG | 20 | 5,314 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 23 | 5,941 | ||||||
SAP SE | 500 | 58,837 | ||||||
Siemens AG | 188 | 20,125 | ||||||
Symrise AG | 48 | 4,666 | ||||||
Wirecard AG | 39 | 6,242 | ||||||
|
| |||||||
295,238 | ||||||||
|
| |||||||
Hong Kong - 0.7% |
| |||||||
CK Asset Holdings Ltd | 3,500 | 23,713 | ||||||
CLP Holdings Ltd | 500 | 5,255 | ||||||
Henderson Land Development Co Ltd | 3,000 | 13,973 | ||||||
Hong Kong & China Gas Co Ltd | 5,000 | 9,746 | ||||||
Hong Kong Exchanges & Clearing Ltd | 600 | 17,586 | ||||||
Hongkong Land Holdings Ltd | 2,000 | 11,244 | ||||||
Link REIT | 2,500 | 27,577 | ||||||
MTR Corp Ltd | 1,000 | 5,608 | ||||||
New World Development Co Ltd | 7,000 | 9,091 | ||||||
Sino Biopharmaceutical Ltd | 9,000 | 11,427 | ||||||
Sino Land Co Ltd | 6,000 | 9,018 | ||||||
Sun Hung Kai Properties Ltd | 2,000 | 28,741 | ||||||
Swire Properties Ltd | 2,800 | 8,788 | ||||||
Techtronic Industries Co Ltd | 500 | 3,480 | ||||||
WH Group Ltd ~ | 8,000 | 7,164 | ||||||
Wharf Real Estate Investment Co Ltd | 1,000 | 5,462 | ||||||
Wheelock & Co Ltd | 1,000 | 5,697 | ||||||
|
| |||||||
203,570 | ||||||||
|
| |||||||
India - 0.1% |
| |||||||
Infosys Ltd ADR | 2,378 | 27,038 | ||||||
|
| |||||||
Indonesia - 0.2% |
| |||||||
P.T. Astra International Tbk | 7,500 | 3,487 | ||||||
P.T. Bank Central Asia Tbk | 9,800 | 20,952 | ||||||
P.T. Bank Negara Indonesia Persero Tbk | 7,300 | 3,778 | ||||||
P.T. Bank Rakyat Indonesia Persero Tbk | 60,800 | 17,654 | ||||||
P.T. Gudang Garam Tbk | 700 | 2,583 | ||||||
P.T. Telekomunikasi Indonesia Persero Tbk | 32,600 | 9,845 | ||||||
P.T. Unilever Indonesia Tbk | 1,400 | 4,584 | ||||||
P.T. United Tractors Tbk | 1,700 | 2,464 | ||||||
|
| |||||||
65,347 | ||||||||
|
|
Shares | Value | |||||||
Ireland - 0.0% |
| |||||||
CRH PLC | 160 | $5,492 | ||||||
Flutter Entertainment PLC | 48 | 4,487 | ||||||
Kingspan Group PLC | 59 | 2,881 | ||||||
|
| |||||||
12,860 | ||||||||
|
| |||||||
Israel - 0.0% |
| |||||||
Check Point Software Technologies Ltd * | 42 | 4,599 | ||||||
Israel Chemicals Ltd | 650 | 3,252 | ||||||
Nice Ltd * | 21 | 3,027 | ||||||
|
| |||||||
10,878 | ||||||||
|
| |||||||
Italy - 0.2% |
| |||||||
Davide Campari-Milano SPA | 289 | 2,611 | ||||||
Enel SPA | 1,797 | 13,422 | ||||||
Eni SPA | 816 | 12,472 | ||||||
Ferrari NV | 43 | 6,635 | ||||||
Intesa Sanpaolo SPA | 1,926 | 4,562 | ||||||
Snam SPA | 1,431 | 7,228 | ||||||
|
| |||||||
46,930 | ||||||||
|
| |||||||
Japan - 4.0% |
| |||||||
Alfresa Holdings Corp | 200 | 4,481 | ||||||
Asahi Intecc Co Ltd | 200 | 5,277 | ||||||
Asahi Kasei Corp | 600 | 5,952 | ||||||
Astellas Pharma Inc | 1,500 | 21,456 | ||||||
Bandai Namco Holdings Inc | 100 | 6,236 | ||||||
Bridgestone Corp | 300 | 11,675 | ||||||
Canon Inc | 400 | 10,697 | ||||||
Chugai Pharmaceutical Co Ltd | 200 | 15,629 | ||||||
Daito Trust Construction Co Ltd | 130 | 16,650 | ||||||
Daiwa House Industry Co Ltd | 400 | 13,002 | ||||||
Denso Corp | 200 | 8,837 | ||||||
FANUC Corp | 230 | 43,475 | ||||||
FUJIFILM Holdings Corp | 200 | 8,810 | ||||||
Fujitsu Ltd | 100 | 8,037 | ||||||
Hamamatsu Photonics KK | 100 | 3,731 | ||||||
Hirose Electric Co Ltd | 40 | 4,928 | ||||||
Hitachi Ltd | 400 | 14,980 | ||||||
Honda Motor Co Ltd | 700 | 18,329 | ||||||
Hoya Corp | 300 | 24,571 | ||||||
ITOCHU Corp | 700 | 14,500 | ||||||
Japan Post Bank Co Ltd | 500 | 4,857 | ||||||
Japan Tobacco Inc | 1,700 | 37,246 | ||||||
JSR Corp | 300 | 4,830 | ||||||
JXTG Holdings Inc | 1,200 | 5,485 | ||||||
Kao Corp | 500 | 37,088 | ||||||
KDDI Corp | 1,700 | 44,358 | ||||||
Keyence Corp | 70 | 43,572 | ||||||
Kikkoman Corp | 200 | 9,595 | ||||||
Kobayashi Pharmaceutical Co Ltd | 50 | 3,819 | ||||||
Komatsu Ltd | 400 | 9,224 | ||||||
Kose Corp | 30 | 5,094 | ||||||
Kuraray Co Ltd | 500 | 6,177 | ||||||
Kyocera Corp | 100 | 6,235 | ||||||
Kyowa Kirin Co Ltd | 200 | 3,895 | ||||||
Lion Corp | 300 | 5,935 | ||||||
M3 Inc | 400 | 9,680 | ||||||
Makita Corp | 200 | 6,347 | ||||||
Marubeni Corp | 800 | 5,335 | ||||||
MISUMI Group Inc | 300 | 7,107 | ||||||
Mitsubishi Chemical Holdings Corp | 600 | 4,300 | ||||||
Mitsubishi Corp | 600 | 14,774 | ||||||
Mitsubishi Electric Corp | 900 | 12,006 | ||||||
Mitsubishi Estate Co Ltd | 400 | 7,735 | ||||||
Mitsubishi Heavy Industries Ltd | 100 | 3,931 | ||||||
Mitsubishi UFJ Financial Group Inc | 1,700 | 8,658 | ||||||
Mitsui & Co Ltd | 800 | 13,141 | ||||||
Mitsui Fudosan Co Ltd | 300 | 7,466 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-35
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Mizuho Financial Group Inc | 3,400 | $5,225 | ||||||
Murata Manufacturing Co Ltd | 200 | 9,693 | ||||||
Nabtesco Corp | 200 | 6,261 | ||||||
NEC Corp | 100 | 4,229 | ||||||
Nexon Co Ltd * | 500 | 6,075 | ||||||
Nippon Steel Corp | 300 | 4,204 | ||||||
Nippon Telegraph & Telephone Corp | 100 | 4,784 | ||||||
Nissan Chemical Corp | 100 | 4,187 | ||||||
Nissan Motor Co Ltd | 1,000 | 6,243 | ||||||
Nisshin Seifun Group Inc | 300 | 5,563 | ||||||
Nissin Foods Holdings Co Ltd | 100 | 7,247 | ||||||
Nitori Holdings Co Ltd | 100 | 14,675 | ||||||
Nitto Denko Corp | 200 | 9,691 | ||||||
Nomura Research Institute Ltd | 400 | 7,993 | ||||||
NTT DOCOMO Inc | 1,300 | 33,195 | ||||||
Obic Co Ltd | 50 | 5,730 | ||||||
Omron Corp | 100 | 5,511 | ||||||
Ono Pharmaceutical Co Ltd | 300 | 5,464 | ||||||
Oriental Land Co Ltd | 200 | 30,483 | ||||||
Otsuka Corp | 100 | 4,002 | ||||||
Otsuka Holdings Co Ltd | 200 | 7,513 | ||||||
Panasonic Corp | 1,000 | 8,150 | ||||||
Park24 Co Ltd | 200 | 4,646 | ||||||
Pigeon Corp | 100 | 4,141 | ||||||
Pola Orbis Holdings Inc | 200 | 4,509 | ||||||
Recruit Holdings Co Ltd | 900 | 27,498 | ||||||
Ryohin Keikaku Co Ltd | 200 | 3,749 | ||||||
Santen Pharmaceutical Co Ltd | 300 | 5,243 | ||||||
Secom Co Ltd | 200 | 18,301 | ||||||
Sekisui Chemical Co Ltd | 500 | 7,781 | ||||||
Sekisui House Ltd | 300 | 5,920 | ||||||
Seven & i Holdings Co Ltd | 400 | 15,330 | ||||||
Shimano Inc | 50 | 7,555 | ||||||
Shin-Etsu Chemical Co Ltd | 300 | 32,283 | ||||||
Shionogi & Co Ltd | 200 | 11,151 | ||||||
SMC Corp | 40 | 17,193 | ||||||
Softbank Corp | 400 | 5,420 | ||||||
Subaru Corp | 300 | 8,484 | ||||||
Sumitomo Corp | 600 | 9,393 | ||||||
Sumitomo Electric Industries Ltd | 400 | 5,105 | ||||||
Sumitomo Mitsui Financial Group Inc | 200 | 6,872 | ||||||
Sysmex Corp | 100 | 6,718 | ||||||
Takeda Pharmaceutical Co Ltd | 500 | 17,158 | ||||||
TDK Corp | 50 | 4,520 | ||||||
Toho Co Ltd | 100 | 4,389 | ||||||
Tokio Marine Holdings Inc | 100 | 5,365 | ||||||
Tokyo Electron Ltd | 60 | 11,527 | ||||||
Toyo Suisan Kaisha Ltd | 100 | 4,016 | ||||||
Toyota Motor Corp | 500 | 33,580 | ||||||
Trend Micro Inc | 200 | 9,558 | ||||||
Tsuruha Holdings Inc | 40 | 4,368 | ||||||
Unicharm Corp | 400 | 12,714 | ||||||
USS Co Ltd | 400 | 7,790 | ||||||
Z Holdings Corp | 3,800 | 10,706 | ||||||
|
| |||||||
1,118,244 | ||||||||
|
| |||||||
Macao - 0.0% |
| |||||||
Galaxy Entertainment Group Ltd | 1,000 | 6,200 | ||||||
Sands China Ltd | 1,200 | 5,422 | ||||||
|
| |||||||
11,622 | ||||||||
|
| |||||||
Malaysia - 0.1% |
| |||||||
Petronas Chemicals Group Bhd | 5,700 | 10,256 | ||||||
Public Bank Bhd | 3,000 | 14,382 | ||||||
|
| |||||||
24,638 | ||||||||
|
| |||||||
Mexico - 0.2% |
| |||||||
Grupo Aeroportuario del Pacifico SAB de CV ‘B’ | 1,644 | 15,867 | ||||||
Grupo Mexico SAB de CV ‘B’ | 2,757 | 6,464 |
Shares | Value | |||||||
Kimberly-Clark de Mexico SAB de CV ‘A’ * | 2,275 | $4,572 | ||||||
Wal-Mart de Mexico SAB de CV | 8,411 | 24,930 | ||||||
|
| |||||||
51,833 | ||||||||
|
| |||||||
Netherlands - 0.4% |
| |||||||
ASML Holding NV | 158 | 39,186 | ||||||
ING Groep NV | 449 | 4,691 | ||||||
Koninklijke Ahold Delhaize NV | 1,104 | 27,609 | ||||||
Randstad NV | 80 | 3,928 | ||||||
Royal Dutch Shell PLC ‘A’ | 753 | 22,084 | ||||||
Royal Dutch Shell PLC ‘B’ | 635 | 18,768 | ||||||
|
| |||||||
116,266 | ||||||||
|
| |||||||
New Zealand - 0.0% |
| |||||||
a2 Milk Co Ltd * | 370 | 3,074 | ||||||
|
| |||||||
Norway - 0.1% |
| |||||||
DNB ASA | 172 | 3,032 | ||||||
Equinor ASA | 260 | 4,925 | ||||||
Mowi ASA | 170 | 3,927 | ||||||
Telenor ASA | 170 | 3,411 | ||||||
|
| |||||||
15,295 | ||||||||
|
| |||||||
Peru - 0.0% |
| |||||||
Southern Copper Corp | 109 | 3,720 | ||||||
|
| |||||||
Philippines - 0.0% |
| |||||||
SM Prime Holdings Inc | 7,500 | 5,384 | ||||||
Universal Robina Corp | 1,420 | 4,273 | ||||||
|
| |||||||
9,657 | ||||||||
|
| |||||||
Portugal - 0.0% |
| |||||||
EDP - Energias de Portugal SA | 1,678 | 6,512 | ||||||
|
| |||||||
Russia - 0.4% |
| |||||||
Gazprom PJSC ADR | 6,374 | 43,937 | ||||||
LUKOIL PJSC ADR | 410 | 33,867 | ||||||
MMC Norilsk Nickel PJSC ADR | 464 | 11,872 | ||||||
Novatek PJSC GDR | 76 | 15,397 | ||||||
|
| |||||||
105,073 | ||||||||
|
| |||||||
Singapore - 0.3% |
| |||||||
Ascendas Real Estate Investment Trust REIT | 3,000 | 6,775 | ||||||
CapitaLand Commercial Trust REIT | 3,200 | 4,795 | ||||||
CapitaLand Mall Trust REIT | 3,200 | 6,092 | ||||||
ComfortDelGro Corp Ltd | 3,300 | 5,734 | ||||||
DBS Group Holdings Ltd | 800 | 14,473 | ||||||
Oversea-Chinese Banking Corp Ltd | 1,300 | 10,220 | ||||||
Singapore Exchange Ltd | 800 | 4,908 | ||||||
Singapore Telecommunications Ltd | 6,900 | 15,482 | ||||||
United Overseas Bank Ltd | 500 | 9,293 | ||||||
Venture Corp Ltd | 500 | 5,544 | ||||||
|
| |||||||
83,316 | ||||||||
|
| |||||||
South Africa - 0.4% |
| |||||||
Bid Corp Ltd | 312 | 6,631 | ||||||
Capitec Bank Holdings Ltd | 43 | 3,655 | ||||||
Discovery Ltd | 310 | 2,337 | ||||||
Mr Price Group Ltd | 335 | 3,505 | ||||||
MTN Group Ltd | 414 | 2,634 | ||||||
Naspers Ltd ‘N’ | 218 | 33,007 | ||||||
RMB Holdings Ltd | 890 | 4,415 | ||||||
Sanlam Ltd | 1,695 | 8,349 | ||||||
Sasol Ltd | 1,029 | 17,306 | ||||||
Shoprite Holdings Ltd | 432 | 3,498 | ||||||
Standard Bank Group Ltd | 1,513 | 17,456 | ||||||
The Foschini Group Ltd | 289 | 3,122 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-36
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
The SPAR Group Ltd | 310 | $3,912 | ||||||
Tiger Brands Ltd | 254 | 3,531 | ||||||
Vodacom Group Ltd | 488 | 3,860 | ||||||
Woolworths Holdings Ltd | 1,276 | 4,645 | ||||||
|
| |||||||
121,863 | ||||||||
|
| |||||||
Spain - 0.3% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 1,146 | 5,965 | ||||||
Banco Santander SA | 2,807 | 11,421 | ||||||
Enagas SA | 175 | 4,045 | ||||||
Iberdrola SA | 2,896 | 30,100 | ||||||
Industria de Diseno Textil SA | 437 | 13,524 | ||||||
Red Electrica Corp SA | 345 | 6,988 | ||||||
Repsol SA | 596 | 9,295 | ||||||
Telefonica SA | 1,054 | 8,054 | ||||||
|
| |||||||
89,392 | ||||||||
|
| |||||||
Sweden - 0.3% |
| |||||||
Atlas Copco AB ‘A’ | 248 | 7,637 | ||||||
Atlas Copco AB ‘B’ | 145 | 3,926 | ||||||
Boliden AB | 271 | 6,224 | ||||||
Electrolux AB ‘B’ | 152 | 3,601 | ||||||
Hennes & Mauritz AB ‘B’ | 856 | 16,593 | ||||||
Hexagon AB ‘B’ | 92 | 4,432 | ||||||
Skandinaviska Enskilda Banken AB ‘A’ | 411 | 3,777 | ||||||
Skanska AB ‘B’ | 356 | 7,207 | ||||||
SKF AB ‘B’ | 254 | 4,194 | ||||||
Svenska Handelsbanken AB ‘A’ | 380 | 3,555 | ||||||
Swedbank AB ‘A’ | 236 | 3,399 | ||||||
Telia Co AB | 928 | 4,151 | ||||||
Volvo AB ‘B’ | 862 | 12,097 | ||||||
|
| |||||||
80,793 | ||||||||
|
| |||||||
Switzerland - 1.7% |
| |||||||
ABB Ltd | 1,795 | 35,300 | ||||||
Adecco Group AG | 94 | 5,202 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 7,386 | ||||||
Cie Financiere Richemont SA | 182 | 13,338 | ||||||
EMS-Chemie Holding AG | 9 | 5,608 | ||||||
Geberit AG | 14 | 6,690 | ||||||
Givaudan SA | 4 | 11,164 | ||||||
Glencore PLC | 5,188 | 15,634 | ||||||
Kuehne + Nagel International AG | 60 | 8,829 | ||||||
LafargeHolcim Ltd | 279 | 13,739 | ||||||
Nestle SA | 574 | 62,253 | ||||||
Novartis AG | 1,101 | 95,552 | ||||||
Partners Group Holding AG | 13 | 9,983 | ||||||
Roche Holding AG | 369 | 107,440 | ||||||
Schindler Holding AG | 15 | 3,357 | ||||||
SGS SA | 6 | 14,874 | ||||||
Sika AG | 46 | 6,730 | ||||||
Sonova Holding AG | 20 | 4,654 | ||||||
Straumann Holding AG | 6 | 4,908 | ||||||
Swiss Life Holding AG | 10 | 4,781 | ||||||
Swiss Re AG | 93 | 9,704 | ||||||
Swisscom AG | 7 | 3,454 | ||||||
The Swatch Group AG | 27 | 7,169 | ||||||
UBS Group AG | 686 | 7,789 | ||||||
Zurich Insurance Group AG | 46 | 17,618 | ||||||
|
| |||||||
483,156 | ||||||||
|
| |||||||
Thailand - 0.1% |
| |||||||
Airports of Thailand PCL NVDR | 5,800 | 14,182 | ||||||
PTT PCL NVDR | 4,000 | 6,049 | ||||||
The Siam Cement PCL NVDR | 500 | 6,668 | ||||||
|
| |||||||
26,899 | ||||||||
|
| |||||||
United Kingdom - 2.1% |
| |||||||
Associated British Foods PLC | 172 | 4,869 | ||||||
Aviva PLC | 905 | 4,443 |
Shares | Value | |||||||
BAE Systems PLC | 1,452 | $10,169 | ||||||
Barratt Developments PLC | 436 | 3,471 | ||||||
BP PLC | 4,683 | 29,647 | ||||||
British American Tobacco PLC | 2,057 | 75,965 | ||||||
BT Group PLC | 1,865 | 4,091 | ||||||
Bunzl PLC | 125 | 3,267 | ||||||
Burberry Group PLC | 145 | 3,873 | ||||||
CK Hutchison Holdings Ltd | 1,000 | 8,828 | ||||||
Compass Group PLC | 628 | 16,160 | ||||||
Croda International PLC | 48 | 2,867 | ||||||
Diageo PLC | 1,243 | 50,777 | ||||||
GlaxoSmithKline PLC | 3,376 | 72,363 | ||||||
HSBC Holdings PLC | 3,389 | 25,967 | ||||||
Imperial Brands PLC | 386 | 8,668 | ||||||
ITV PLC | 3,524 | 5,458 | ||||||
Kingfisher PLC | 1,842 | 4,681 | ||||||
Legal & General Group PLC | 1,361 | 4,154 | ||||||
Linde PLC | 168 | 32,545 | ||||||
Lloyds Banking Group PLC | 12,329 | 8,173 | ||||||
Micro Focus International PLC | 116 | 1,630 | ||||||
National Grid PLC | 1,045 | 11,314 | ||||||
Next PLC | 55 | 4,181 | ||||||
Persimmon PLC | 256 | 6,828 | ||||||
Reckitt Benckiser Group PLC | 349 | 27,250 | ||||||
RELX PLC | 758 | 18,002 | ||||||
Smith & Nephew PLC | 311 | 7,489 | ||||||
SSE PLC | 295 | 4,513 | ||||||
Taylor Wimpey PLC | 2,620 | 5,200 | ||||||
The Sage Group PLC | 361 | 3,068 | ||||||
Unilever NV | 1,090 | 65,452 | ||||||
Unilever PLC | 545 | 32,755 | ||||||
Vodafone Group PLC | 6,348 | 12,647 | ||||||
Whitbread PLC | 72 | 3,800 | ||||||
WPP PLC | 1,228 | 15,376 | ||||||
|
| |||||||
599,941 | ||||||||
|
| |||||||
United States - 45.1% |
| |||||||
3M Co | 661 | 108,668 | ||||||
AbbVie Inc | 1,809 | 136,977 | ||||||
ABIOMED Inc * | 15 | 2,668 | ||||||
Accenture PLC ‘A’ | 222 | 42,702 | ||||||
Activision Blizzard Inc | 202 | 10,690 | ||||||
Adobe Inc * | 139 | 38,399 | ||||||
Advance Auto Parts Inc | 21 | 3,473 | ||||||
Air Products & Chemicals Inc | 208 | 46,147 | ||||||
Akamai Technologies Inc * | 47 | 4,295 | ||||||
Alaska Air Group Inc | 98 | 6,361 | ||||||
Albemarle Corp | 83 | 5,770 | ||||||
Alexandria Real Estate Equities Inc REIT | 59 | 9,088 | ||||||
Align Technology Inc * | 27 | 4,885 | ||||||
Ally Financial Inc | 598 | 19,830 | ||||||
Alphabet Inc ‘C’ * | 93 | 113,367 | ||||||
Altria Group Inc | 2,519 | 103,027 | ||||||
Amazon.com Inc * | 62 | 107,626 | ||||||
Amcor PLC CDI | 361 | 3,474 | ||||||
Amdocs Ltd | 49 | 3,239 | ||||||
American Campus Communities Inc REIT | 76 | 3,654 | ||||||
American Electric Power Co Inc | 90 | 8,432 | ||||||
American International Group Inc | 626 | 34,868 | ||||||
American Tower Corp REIT | 46 | 10,172 | ||||||
Ameriprise Financial Inc | 117 | 17,211 | ||||||
AMETEK Inc | 68 | 6,244 | ||||||
Amgen Inc | 717 | 138,747 | ||||||
Amphenol Corp ‘A’ | 105 | 10,132 | ||||||
Analog Devices Inc | 103 | 11,508 | ||||||
ANSYS Inc * | 24 | 5,313 | ||||||
Antero Midstream Corp | 2,659 | 19,677 | ||||||
Aon PLC | 71 | 13,743 | ||||||
Apache Corp | 267 | 6,835 | ||||||
Apple Inc | 608 | 136,174 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-37
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Archer-Daniels-Midland Co | 649 | $26,654 | ||||||
Arista Networks Inc * | 15 | 3,584 | ||||||
Arthur J Gallagher & Co | 53 | 4,747 | ||||||
Associated Banc-Corp | 206 | 4,171 | ||||||
Assurant Inc | 46 | 5,788 | ||||||
AT&T Inc | 2,666 | 100,881 | ||||||
Automatic Data Processing Inc | 152 | 24,536 | ||||||
AutoZone Inc * | 9 | 9,762 | ||||||
AvalonBay Communities Inc REIT | 68 | 14,642 | ||||||
AXA Equitable Holdings Inc | 217 | 4,809 | ||||||
Axis Capital Holdings Ltd | 61 | 4,070 | ||||||
Baker Hughes a GE Co | 422 | 9,790 | ||||||
Bank of America Corp | 3,131 | 91,331 | ||||||
Bank of Hawaii Corp | 42 | 3,609 | ||||||
Bank OZK | 130 | 3,545 | ||||||
BB&T Corp | 1,816 | 96,920 | ||||||
Becton Dickinson and Co | 116 | 29,343 | ||||||
Best Buy Co Inc | 174 | 12,004 | ||||||
Bio-Techne Corp | 13 | 2,544 | ||||||
Biogen Inc * | 76 | 17,694 | ||||||
BlackRock Inc | 127 | 56,596 | ||||||
Booking Holdings Inc * | 14 | 27,477 | ||||||
Boston Properties Inc REIT | 49 | 6,353 | ||||||
BP Midstream Partners LP | 1,109 | 16,191 | ||||||
Bristol-Myers Squibb Co | 1,246 | 63,185 | ||||||
Broadcom Inc | 318 | 87,790 | ||||||
Broadridge Financial Solutions Inc | 34 | 4,231 | ||||||
Brown-Forman Corp ‘B’ | 94 | 5,901 | ||||||
Bunge Ltd | 1,117 | 63,245 | ||||||
Cabot Corp | 69 | 3,127 | ||||||
Camden Property Trust REIT | 45 | 4,995 | ||||||
Campbell Soup Co | 118 | 5,537 | ||||||
Cardinal Health Inc | 1,920 | 90,605 | ||||||
Carnival Corp | 417 | 18,227 | ||||||
Caterpillar Inc | 433 | 54,692 | ||||||
Cboe Global Markets Inc | 32 | 3,677 | ||||||
Celanese Corp | 109 | 13,330 | ||||||
CenturyLink Inc | 840 | 10,483 | ||||||
Cerner Corp | 106 | 7,226 | ||||||
CF Industries Holdings Inc | 168 | 8,266 | ||||||
CH Robinson Worldwide Inc | 153 | 12,971 | ||||||
Chevron Corp | 725 | 85,985 | ||||||
Chipotle Mexican Grill Inc * | 9 | 7,564 | ||||||
Church & Dwight Co Inc | 89 | 6,696 | ||||||
Cigna Corp | 141 | 21,402 | ||||||
Cincinnati Financial Corp | 86 | 10,034 | ||||||
Cinemark Holdings Inc | 86 | 3,323 | ||||||
Cintas Corp | 26 | 6,971 | ||||||
Cisco Systems Inc | 3,068 | 151,590 | ||||||
CIT Group Inc | 101 | 4,576 | ||||||
Citigroup Inc | 1,299 | 89,735 | ||||||
Citizens Financial Group Inc | 1,163 | 41,135 | ||||||
Citrix Systems Inc | 46 | 4,440 | ||||||
CME Group Inc | 130 | 27,474 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 168 | 10,125 | ||||||
Colgate-Palmolive Co | 955 | 70,202 | ||||||
Comerica Inc | 306 | 20,193 | ||||||
Conagra Brands Inc | 347 | 10,646 | ||||||
Consolidated Edison Inc | 62 | 5,857 | ||||||
Constellium SE * | 850 | 10,803 | ||||||
Copart Inc * | 62 | 4,980 | ||||||
Corning Inc | 673 | 19,194 | ||||||
Costco Wholesale Corp | 160 | 46,098 | ||||||
Coty Inc ‘A’ | 333 | 3,500 | ||||||
Crestwood Equity Partners LP | 741 | 27,054 | ||||||
Crown Castle International Corp REIT | 177 | 24,605 | ||||||
CubeSmart REIT | 101 | 3,525 | ||||||
Cullen/Frost Bankers Inc | 72 | 6,376 | ||||||
Cummins Inc | 172 | 27,979 | ||||||
CVS Health Corp | 1,565 | 98,705 |
Shares | Value | |||||||
CyrusOne Inc REIT | 61 | $4,825 | ||||||
Danaher Corp | 227 | 32,786 | ||||||
Darden Restaurants Inc | 75 | 8,866 | ||||||
DCP Midstream LP | 1,182 | 30,980 | ||||||
Delta Air Lines Inc | 1,324 | 76,262 | ||||||
Dick’s Sporting Goods Inc | 141 | 5,754 | ||||||
Digital Realty Trust Inc REIT | 105 | 13,630 | ||||||
Discover Financial Services | 281 | 22,786 | ||||||
Dollar General Corp | 77 | 12,238 | ||||||
Dollar Tree Inc * | 68 | 7,763 | ||||||
Dominion Energy Inc | 180 | 14,587 | ||||||
Dow Inc | 529 | 25,207 | ||||||
DTE Energy Co | 31 | 4,122 | ||||||
Duke Energy Corp | 154 | 14,762 | ||||||
Duke Realty Corp REIT | 162 | 5,503 | ||||||
DuPont de Nemours Inc | 487 | 34,728 | ||||||
East West Bancorp Inc | 97 | 4,296 | ||||||
Eastman Chemical Co | 188 | 13,880 | ||||||
Eaton Corp PLC | 315 | 26,192 | ||||||
Eaton Vance Corp | 166 | 7,458 | ||||||
Ecolab Inc | 91 | 18,022 | ||||||
Edison International | 80 | 6,034 | ||||||
Edwards Lifesciences Corp * | 76 | 16,713 | ||||||
Eli Lilly & Co | 985 | 110,153 | ||||||
Emerson Electric Co | 653 | 43,660 | ||||||
Energy Transfer LP | 8,112 | 106,105 | ||||||
EnLink Midstream LLC | 3,683 | 31,305 | ||||||
Enterprise Products Partners LP | 4,566 | 130,496 | ||||||
EPR Properties REIT | 46 | 3,536 | ||||||
EQM Midstream Partners LP | 1,911 | 62,490 | ||||||
Equifax Inc | 35 | 4,923 | ||||||
Equity Residential REIT | 183 | 15,786 | ||||||
Essex Property Trust Inc REIT | 22 | 7,186 | ||||||
Everest Re Group Ltd | 28 | 7,451 | ||||||
Eversource Energy | 62 | 5,299 | ||||||
Evoqua Water Technologies Corp * | 645 | 10,978 | ||||||
Exelon Corp | 184 | 8,889 | ||||||
Expeditors International of Washington Inc | 50 | 3,714 | ||||||
Extended Stay America Inc | 167 | 2,445 | ||||||
Extra Space Storage Inc REIT | 40 | 4,673 | ||||||
Exxon Mobil Corp | 2,685 | 189,588 | ||||||
Facebook Inc ‘A’ * | 606 | 107,916 | ||||||
FactSet Research Systems Inc | 11 | 2,673 | ||||||
Fastenal Co | 598 | 19,537 | ||||||
Federal Realty Investment Trust REIT | 27 | 3,676 | ||||||
Fidelity National Financial Inc | 191 | 8,482 | ||||||
Fifth Third Bancorp | 918 | 25,135 | ||||||
First American Financial Corp | 111 | 6,550 | ||||||
First Hawaiian Inc | 124 | 3,311 | ||||||
First Horizon National Corp | 376 | 6,091 | ||||||
First Republic Bank | 47 | 4,545 | ||||||
FirstEnergy Corp | 81 | 3,907 | ||||||
Flowers Foods Inc | 193 | 4,464 | ||||||
Fluor Corp | 90 | 1,722 | ||||||
Foot Locker Inc | 147 | 6,345 | ||||||
Ford Motor Co | 3,521 | 32,252 | ||||||
Fortive Corp | 87 | 5,965 | ||||||
Franklin Resources Inc | 331 | 9,553 | ||||||
Gaming and Leisure Properties Inc REIT | 107 | 4,092 | ||||||
Garmin Ltd | 102 | 8,638 | ||||||
General Dynamics Corp | 262 | 47,875 | ||||||
General Mills Inc | 640 | 35,277 | ||||||
General Motors Co | 863 | 32,345 | ||||||
Genesis Energy LP | 1,665 | 35,748 | ||||||
Genuine Parts Co | 160 | 15,934 | ||||||
Gilead Sciences Inc | 894 | 56,662 | ||||||
Global Payments Inc | 38 | 6,042 | ||||||
Graphic Packaging Holding Co | 415 | 6,121 | ||||||
H&R Block Inc | 128 | 3,023 | ||||||
Halliburton Co | 590 | 11,121 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-38
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Hanesbrands Inc | 437 | $6,695 | ||||||
Harley-Davidson Inc | 1,411 | 50,754 | ||||||
Hasbro Inc | 109 | 12,937 | ||||||
HCP Inc REIT | 232 | 8,266 | ||||||
Helmerich & Payne Inc | 82 | 3,286 | ||||||
Henry Schein Inc * | 56 | 3,556 | ||||||
Hewlett Packard Enterprise Co | 1,953 | 29,627 | ||||||
Holly Energy Partners LP | 576 | 14,556 | ||||||
HollyFrontier Corp | 101 | 5,418 | ||||||
Honeywell International Inc | 222 | 37,562 | ||||||
Hormel Foods Corp | 127 | 5,554 | ||||||
Host Hotels & Resorts Inc REIT | 219 | 3,787 | ||||||
HP Inc | 1,223 | 23,139 | ||||||
Hubbell Inc | 81 | 10,643 | ||||||
Humana Inc | 49 | 12,528 | ||||||
Huntington Bancshares Inc | 2,857 | 40,769 | ||||||
Huntsman Corp | 150 | 3,489 | ||||||
IDEX Corp | 22 | 3,605 | ||||||
IDEXX Laboratories Inc * | 31 | 8,430 | ||||||
Illinois Tool Works Inc | 432 | 67,604 | ||||||
Illumina Inc * | 53 | 16,124 | ||||||
Ingredion Inc | 104 | 8,501 | ||||||
Intel Corp | 3,303 | 170,204 | ||||||
International Business Machines Corp | 930 | 135,241 | ||||||
International Flavors & Fragrances Inc | 26 | 3,190 | ||||||
International Paper Co | 729 | 30,487 | ||||||
Intuit Inc | 72 | 19,148 | ||||||
Intuitive Surgical Inc * | 41 | 22,137 | ||||||
Invesco Ltd | 684 | 11,587 | ||||||
Iron Mountain Inc REIT | 170 | 5,506 | ||||||
Jack Henry & Associates Inc | 22 | 3,211 | ||||||
Jacobs Engineering Group Inc | 37 | 3,385 | ||||||
Jefferies Financial Group Inc | 403 | 7,415 | ||||||
John Wiley & Sons Inc ‘A’ | 66 | 2,900 | ||||||
Johnson & Johnson | 1,515 | 196,011 | ||||||
Johnson Controls International PLC | 606 | 26,597 | ||||||
JPMorgan Chase & Co | 807 | 94,976 | ||||||
Juniper Networks Inc | 425 | 10,519 | ||||||
KAR Auction Services Inc | 227 | 5,573 | ||||||
Kellogg Co | 482 | 31,017 | ||||||
KeyCorp | 2,750 | 49,060 | ||||||
Kilroy Realty Corp REIT | 51 | 3,972 | ||||||
Kimberly-Clark Corp | 361 | 51,280 | ||||||
Kimco Realty Corp REIT | 213 | 4,447 | ||||||
Kinder Morgan Inc | 3,836 | 79,060 | ||||||
KLA Corp | 101 | 16,104 | ||||||
Kohl’s Corp | 122 | 6,059 | ||||||
L Brands Inc | 142 | 2,782 | ||||||
L3Harris Technologies Inc | 66 | 13,770 | ||||||
Laboratory Corp of America Holdings * | 35 | 5,880 | ||||||
Lam Research Corp | 150 | 34,666 | ||||||
Lamar Advertising Co ‘A’ REIT | 45 | 3,687 | ||||||
Lamb Weston Holdings Inc | 55 | 4,000 | ||||||
Las Vegas Sands Corp | 252 | 14,556 | ||||||
Lazard Ltd ‘A’ | 104 | 3,640 | ||||||
Lear Corp | 64 | 7,546 | ||||||
Leggett & Platt Inc | 107 | 4,381 | ||||||
Lennar Corp ‘A’ | 184 | 10,276 | ||||||
Lincoln Electric Holdings Inc | 66 | 5,726 | ||||||
Lincoln National Corp | 272 | 16,407 | ||||||
Lockheed Martin Corp | 235 | 91,664 | ||||||
Lowe’s Cos Inc | 613 | 67,405 | ||||||
Lululemon Athletica Inc * | 29 | 5,583 | ||||||
LyondellBasell Industries NV ‘A’ | 246 | 22,010 | ||||||
M&T Bank Corp | 97 | 15,323 | ||||||
Macquarie Infrastructure Corp | 195 | 7,697 | ||||||
Macy’s Inc | 336 | 5,221 | ||||||
Magellan Midstream Partners LP | 1,657 | 109,809 | ||||||
ManpowerGroup Inc | 47 | 3,959 | ||||||
Marathon Petroleum Corp | 701 | 42,586 |
Shares | Value | |||||||
MarketAxess Holdings Inc | 11 | $3,602 | ||||||
Marsh & McLennan Cos Inc | 176 | 17,609 | ||||||
Mastercard Inc ‘A’ | 267 | 72,509 | ||||||
Maxim Integrated Products Inc | 176 | 10,192 | ||||||
McCormick & Co Inc | 42 | 6,565 | ||||||
McDonald’s Corp | 662 | 142,138 | ||||||
McKesson Corp | 70 | 9,566 | ||||||
Medical Properties Trust Inc REIT | 191 | 3,736 | ||||||
Medtronic PLC | 1,512 | 164,233 | ||||||
Merck & Co Inc | 1,054 | 88,726 | ||||||
MetLife Inc | 596 | 28,107 | ||||||
Mettler-Toledo International Inc * | 10 | 7,044 | ||||||
Microsoft Corp | 939 | 130,549 | ||||||
Mid-America Apartment Communities Inc REIT | 56 | 7,281 | ||||||
Molson Coors Brewing Co ‘B’ | 114 | 6,555 | ||||||
Monster Beverage Corp * | 148 | 8,593 | ||||||
Moody’s Corp | 50 | 10,242 | ||||||
Morgan Stanley | 2,060 | 87,900 | ||||||
MPLX LP | 4,309 | 120,695 | ||||||
MSC Industrial Direct Co Inc ‘A’ | 84 | 6,093 | ||||||
Murphy Oil Corp | 126 | 2,786 | ||||||
National Instruments Corp | 120 | 5,039 | ||||||
NetApp Inc | 238 | 12,497 | ||||||
New York Community Bancorp Inc | 353 | 4,430 | ||||||
Newell Brands Inc | 1,031 | 19,300 | ||||||
Nextera Energy Inc | 92 | 21,435 | ||||||
Nielsen Holdings PLC | 258 | 5,483 | ||||||
NIKE Inc ‘B’ | 379 | 35,596 | ||||||
Noble Energy Inc | 309 | 6,940 | ||||||
Noble Midstream Partners LP | 362 | 8,731 | ||||||
Nordstrom Inc | 107 | 3,603 | ||||||
Northern Trust Corp | 206 | 19,224 | ||||||
Northrop Grumman Corp | 48 | 17,990 | ||||||
Nucor Corp | 242 | 12,320 | ||||||
nVent Electric PLC | 160 | 3,526 | ||||||
NVIDIA Corp | 163 | 28,373 | ||||||
NVR Inc * | 1 | 3,717 | ||||||
O’Reilly Automotive Inc * | 23 | 9,166 | ||||||
Occidental Petroleum Corp | 815 | 36,243 | ||||||
Old Republic International Corp | 191 | 4,502 | ||||||
Omega Healthcare Investors Inc REIT | 110 | 4,597 | ||||||
Omnicom Group Inc | 210 | 16,443 | ||||||
ONEOK Inc | 1,734 | 127,778 | ||||||
Oracle Corp | 781 | 42,978 | ||||||
Packaging Corp of America | 65 | 6,897 | ||||||
PacWest Bancorp | 198 | 7,195 | ||||||
Paychex Inc | 300 | 24,831 | ||||||
PayPal Holdings Inc * | 327 | 33,874 | ||||||
Penske Automotive Group Inc | 63 | 2,979 | ||||||
People’s United Financial Inc | 282 | 4,409 | ||||||
PepsiCo Inc | 1,197 | 164,109 | ||||||
Pfizer Inc | 4,572 | 164,272 | ||||||
Philip Morris International Inc | 1,687 | 128,094 | ||||||
Phillips 66 | 410 | 41,984 | ||||||
Phillips 66 Partners LP | 1,093 | 61,886 | ||||||
Plains All American Pipeline LP | 3,421 | 70,986 | ||||||
Polaris Inc | 73 | 6,425 | ||||||
Popular Inc | 90 | 4,867 | ||||||
PPG Industries Inc | 71 | 8,414 | ||||||
PPL Corp | 160 | 5,038 | ||||||
Principal Financial Group Inc | 230 | 13,142 | ||||||
Prologis Inc REIT | 221 | 18,834 | ||||||
Prosperity Bancshares Inc | 68 | 4,803 | ||||||
Prudential Financial Inc | 524 | 47,134 | ||||||
Public Service Enterprise Group Inc | 90 | 5,587 | ||||||
Public Storage REIT | 122 | 29,923 | ||||||
QUALCOMM Inc | 920 | 70,178 | ||||||
Quest Diagnostics Inc | 140 | 14,984 | ||||||
Ralph Lauren Corp | 58 | 5,537 | ||||||
Raytheon Co | 88 | 17,265 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-39
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Realty Income Corp REIT | 160 | $12,269 | ||||||
Regency Centers Corp REIT | 80 | 5,559 | ||||||
Regeneron Pharmaceuticals Inc * | 28 | 7,767 | ||||||
Regions Financial Corp | 2,092 | 33,095 | ||||||
Reliance Steel & Aluminum Co | 53 | 5,282 | ||||||
ResMed Inc | 51 | 6,891 | ||||||
Robert Half International Inc | 128 | 7,124 | ||||||
Rockwell Automation Inc | 128 | 21,094 | ||||||
Roper Technologies Inc | 31 | 11,055 | ||||||
Ross Stores Inc | 109 | 11,974 | ||||||
Royal Caribbean Cruises Ltd | 137 | 14,841 | ||||||
RPM International Inc | 97 | 6,675 | ||||||
Ryder System Inc | 137 | 7,092 | ||||||
S&P Global Inc | 74 | 18,129 | ||||||
Sabre Corp | 186 | 4,165 | ||||||
Sage Therapeutics Inc * | 16 | 2,245 | ||||||
Schlumberger Ltd | 1,719 | 58,738 | ||||||
Semgroup Corp ‘A’ | 1,056 | 17,255 | ||||||
Sempra Energy | 54 | 7,971 | ||||||
Shell Midstream Partners LP | 1,967 | 40,225 | ||||||
Simon Property Group Inc REIT | 151 | 23,503 | ||||||
Six Flags Entertainment Corp | 134 | 6,806 | ||||||
Skyworks Solutions Inc | 50 | 3,963 | ||||||
SL Green Realty Corp REIT | 45 | 3,679 | ||||||
Snap-on Inc | 77 | 12,054 | ||||||
Sonoco Products Co | 90 | 5,239 | ||||||
Spectrum Brands Holdings Inc | 10 | 532 | ||||||
Stanley Black & Decker Inc | 44 | 6,354 | ||||||
Starbucks Corp | 368 | 32,539 | ||||||
Starwood Property Trust Inc REIT | 171 | 4,142 | ||||||
State Street Corp | 422 | 24,978 | ||||||
Steel Dynamics Inc | 202 | 6,020 | ||||||
STERIS PLC | 30 | 4,335 | ||||||
STORE Capital Corp REIT | 102 | 3,816 | ||||||
Sunoco LP | 800 | 25,160 | ||||||
SunTrust Banks Inc | 874 | 60,131 | ||||||
Synchrony Financial | 1,086 | 37,022 | ||||||
Synopsys Inc * | 42 | 5,765 | ||||||
Synovus Financial Corp | 148 | 5,292 | ||||||
Sysco Corp | 500 | 39,700 | ||||||
T Rowe Price Group Inc | 234 | 26,735 | ||||||
Tallgrass Energy LP | 1,504 | 30,291 | ||||||
Tapestry Inc | 282 | 7,346 | ||||||
Targa Resources Corp | 1,414 | 56,800 | ||||||
Target Corp | 567 | 60,618 | ||||||
TC Pipelines LP | 527 | 21,433 | ||||||
TCF Financial Corp | 153 | 5,825 | ||||||
TD Ameritrade Holding Corp | 274 | 12,796 | ||||||
Texas Instruments Inc | 1,086 | 140,355 | ||||||
The Bank of New York Mellon Corp | 978 | 44,215 | ||||||
The Boeing Co | 424 | 161,319 | ||||||
The Chemours Co | 126 | 1,882 | ||||||
The Clorox Co | 134 | 20,351 | ||||||
The Coca-Cola Co | 3,220 | 175,297 | ||||||
The Estee Lauder Cos Inc ‘A’ | 79 | 15,717 | ||||||
The Gap Inc | 280 | 4,861 | ||||||
The Goodyear Tire & Rubber Co | 495 | 7,130 | ||||||
The Hartford Financial Services Group Inc | 264 | 16,001 | ||||||
The Hershey Co | 143 | 22,164 | ||||||
The Home Depot Inc | 836 | 193,969 | ||||||
The Interpublic Group of Cos Inc | 3,403 | 73,369 | ||||||
The JM Smucker Co | 120 | 13,202 | ||||||
The Kraft Heinz Co | 789 | 22,041 | ||||||
The Kroger Co | 734 | 18,923 | ||||||
The PNC Financial Services Group Inc | 658 | 92,225 | ||||||
The Procter & Gamble Co | 1,941 | 241,422 | ||||||
The Sherwin-Williams Co | 26 | 14,297 | ||||||
The Southern Co | 217 | 13,404 | ||||||
The TJX Cos Inc | 430 | 23,968 | ||||||
The Travelers Cos Inc | 185 | 27,508 |
Shares | Value | |||||||
The Walt Disney Co | 535 | $69,721 | ||||||
The Western Union Co | 456 | 10,566 | ||||||
The Williams Cos Inc | 3,868 | 93,064 | ||||||
Thor Industries Inc | 60 | 3,398 | ||||||
Tiffany & Co | 128 | 11,857 | ||||||
Tractor Supply Co | 35 | 3,165 | ||||||
Trinity Industries Inc | 139 | 2,736 | ||||||
UDR Inc REIT | 142 | 6,884 | ||||||
Ulta Beauty Inc * | 16 | 4,010 | ||||||
Union Pacific Corp | 763 | 123,591 | ||||||
United Parcel Service Inc ‘B’ | 917 | 109,875 | ||||||
United Technologies Corp | 820 | 111,946 | ||||||
UnitedHealth Group Inc | 356 | 77,366 | ||||||
Universal Health Services Inc ‘B’ | 32 | 4,760 | ||||||
Unum Group | 422 | 12,542 | ||||||
US Bancorp | 1,720 | 95,185 | ||||||
Vail Resorts Inc | 45 | 10,240 | ||||||
Valero Energy Corp | 665 | 56,685 | ||||||
Valvoline Inc | 224 | 4,935 | ||||||
Varian Medical Systems Inc * | 33 | 3,930 | ||||||
Veeva Systems Inc ‘A’ * | 44 | 6,718 | ||||||
Ventas Inc REIT | 104 | 7,595 | ||||||
VEREIT Inc REIT | 536 | 5,242 | ||||||
Verisk Analytics Inc | 45 | 7,116 | ||||||
Verizon Communications Inc | 1,543 | 93,135 | ||||||
VF Corp | 355 | 31,591 | ||||||
Viacom Inc ‘B’ | 246 | 5,911 | ||||||
VICI Properties Inc REIT | 218 | 4,938 | ||||||
Viper Energy Partners LP | 800 | 22,136 | ||||||
Visa Inc ‘A’ | 511 | 87,897 | ||||||
VMware Inc ‘A’ | 24 | 3,601 | ||||||
Vornado Realty Trust REIT | 67 | 4,266 | ||||||
Walgreens Boots Alliance Inc | 1,293 | 71,516 | ||||||
Walmart Inc | 637 | 75,599 | ||||||
Waters Corp * | 26 | 5,804 | ||||||
Watsco Inc | 127 | 21,486 | ||||||
Webster Financial Corp | 67 | 3,140 | ||||||
Wec Energy Group Inc | 59 | 5,611 | ||||||
Wells Fargo & Co | 2,103 | 106,075 | ||||||
Welltower Inc REIT | 174 | 15,773 | ||||||
West Pharmaceutical Services Inc | 27 | 3,829 | ||||||
Western Digital Corp | 203 | 12,107 | ||||||
Western Midstream Partners LP | 2,730 | 67,950 | ||||||
WestRock Co | 570 | 20,777 | ||||||
Weyerhaeuser Co REIT | 383 | 10,609 | ||||||
Whirlpool Corp | 49 | 7,760 | ||||||
Williams-Sonoma Inc | 81 | 5,506 | ||||||
WP Carey Inc REIT | 79 | 7,071 | ||||||
WW Grainger Inc | 15 | 4,457 | ||||||
Wyndham Destinations Inc | 363 | 16,705 | ||||||
Wyndham Hotels & Resorts Inc | 61 | 3,156 | ||||||
Wynn Resorts Ltd | 68 | 7,393 | ||||||
Xcel Energy Inc | 93 | 6,035 | ||||||
Xerox Holdings Corp | 146 | 4,367 | ||||||
Xilinx Inc | 71 | 6,809 | ||||||
Xylem Inc | 180 | 14,332 | ||||||
Zimmer Biomet Holdings Inc | 75 | 10,295 | ||||||
Zions Bancorp NA | 323 | 14,380 | ||||||
|
| |||||||
12,763,618 | ||||||||
|
| |||||||
Total Common Stocks |
| 17,919,327 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-40
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
EXCHANGE-TRADED FUNDS - 1.8% |
| |||||||
iShares MSCI India | 2,800 | $93,996 | ||||||
iShares MSCI South Korea | 4,036 | 227,388 | ||||||
iShares MSCI Taiwan | 4,788 | 174,092 | ||||||
|
| |||||||
Total Exchange-Traded Funds |
| 495,476 | ||||||
|
| |||||||
Principal Amount | ||||||||
CORPORATE BONDS & NOTES - 18.3% |
| |||||||
Belgium - 0.5% |
| |||||||
Anheuser-Busch InBev Worldwide Inc | $75,000 | 87,407 | ||||||
5.800% due 01/23/59 | 50,000 | 68,201 | ||||||
|
| |||||||
155,608 | ||||||||
|
| |||||||
Canada - 0.2% |
| |||||||
Telesat LLC | 25,000 | 25,500 | ||||||
Titan Acquisition Ltd | 50,000 | 47,000 | ||||||
|
| |||||||
72,500 | ||||||||
|
| |||||||
Ireland - 0.2% |
| |||||||
Avolon Holdings Funding Ltd | 50,000 | 51,757 | ||||||
|
| |||||||
Netherlands - 0.3% |
| |||||||
NXP BV | 75,000 | 80,376 | ||||||
|
| |||||||
Switzerland - 0.2% |
| |||||||
Glencore Funding LLC | 50,000 | 52,438 | ||||||
|
| |||||||
United States - 16.9% |
| |||||||
Ahern Rentals Inc | 75,000 | 64,219 | ||||||
Air Lease Corp | 100,000 | 103,418 | ||||||
American Airlines Pass-Through Trust ‘A’ | 50,000 | 51,959 | ||||||
American Airlines Pass-Through Trust ‘AA’ | 50,000 | 51,383 | ||||||
Anthem Inc | 50,000 | 49,547 | ||||||
Apple Inc | 75,000 | 73,639 | ||||||
Ascent Resources Utica Holdings LLC | 50,000 | 42,000 | ||||||
AT&T Inc | 75,000 | 82,955 | ||||||
4.850% due 03/01/39 | 50,000 | 56,781 | ||||||
Bank of America Corp | 175,000 | 188,437 | ||||||
Beazer Homes USA Inc | 50,000 | 48,812 | ||||||
7.250% due 10/15/29 ~ | 25,000 | 25,469 | ||||||
Brand Industrial Services Inc | 25,000 | 23,875 | ||||||
Broadcom Inc | 75,000 | 77,546 |
Principal Amount | Value | |||||||
Caesars Resort Collection LLC | $50,000 | $51,245 | ||||||
Charter Communications Operating LLC | 100,000 | 105,366 | ||||||
Citigroup Inc | 175,000 | 191,120 | ||||||
CNO Financial Group Inc | 50,000 | 54,875 | ||||||
Comcast Corp | 25,000 | 32,121 | ||||||
Constellation Merger Sub Inc | 50,000 | 42,125 | ||||||
Core & Main Holdings LP | 25,000 | 25,281 | ||||||
Dell International LLC | 50,000 | 53,606 | ||||||
Diamond Sports Group LLC | 50,000 | 51,927 | ||||||
Discovery Communications LLC | 75,000 | 79,075 | ||||||
Endeavor Energy Resources LP | 75,000 | 80,062 | ||||||
Energy Transfer Operating LP | 100,000 | 108,497 | ||||||
6.250% due 02/15/23 | 50,000 | 46,451 | ||||||
General Motors Financial Co Inc | 75,000 | 82,771 | ||||||
Global Partners LP | 55,000 | 56,787 | ||||||
Global Payments Inc | 50,000 | 50,748 | ||||||
4.150% due 08/15/49 | 50,000 | 52,653 | ||||||
Golden Nugget Inc | 50,000 | 52,250 | ||||||
HCA Inc | 50,000 | 54,853 | ||||||
Hecla Mining Co | 25,000 | 24,875 | ||||||
Hexion Inc | 25,000 | 24,812 | ||||||
Host Hotels & Resorts LP REIT | 25,000 | 24,976 | ||||||
Hyundai Capital America | 50,000 | 52,208 | ||||||
Iron Mountain Inc REIT | 25,000 | 25,445 | ||||||
JPMorgan Chase & Co | 100,000 | 109,329 | ||||||
JW Aluminum Continuous Cast Co | 25,000 | 26,437 | ||||||
Keurig Dr Pepper Inc | 50,000 | 56,256 | ||||||
KeyCorp | 100,000 | 97,768 | ||||||
Kinder Morgan Energy Partners LP | 100,000 | 107,020 | ||||||
Kraft Heinz Foods Co | 50,000 | 50,350 | ||||||
Las Vegas Sands Corp | 50,000 | 50,867 | ||||||
Mauser Packaging Solutions Holding Co | 75,000 | 71,179 | ||||||
Michaels Stores Inc | 50,000 | 50,250 | ||||||
Mid-America Apartments LP REIT | 75,000 | 81,933 | ||||||
MidAmerican Energy Co | 25,000 | 30,155 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-41
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Morgan Stanley | $100,000 | $105,560 | ||||||
5.000% due 11/24/25 | 100,000 | 112,133 | ||||||
Moss Creek Resources Holdings Inc | 25,000 | 18,531 | ||||||
MPLX LP | 100,000 | 104,361 | ||||||
6.875% due 02/15/23 | 50,000 | 50,065 | ||||||
Panther BF Aggregator 2 LP | 50,000 | 52,750 | ||||||
Penske Truck Leasing Co LP | 75,000 | 74,751 | ||||||
Pilgrim’s Pride Corp | 50,000 | 53,888 | ||||||
Sabine Pass Liquefaction LLC | 50,000 | 56,224 | ||||||
Scientific Games International Inc | 50,000 | 53,375 | ||||||
Select Medical Corp | 50,000 | 52,375 | ||||||
Service Properties Trust REIT | 75,000 | 75,451 | ||||||
Sprint Corp | 50,000 | 55,125 | ||||||
Targa Resources Partners LP | 75,000 | 82,019 | ||||||
Teachers Insurance & Annuity Association of America | 25,000 | 28,412 | ||||||
Tesla Inc | 75,000 | 67,594 | ||||||
The Goldman Sachs Group Inc | 150,000 | 156,151 | ||||||
The Walt Disney Co | 50,000 | 48,241 | ||||||
Tms International Holding Corp | 50,000 | 43,000 | ||||||
UDR Inc REIT | 50,000 | 50,159 | ||||||
United Parcel Service Inc | 25,000 | 25,486 | ||||||
Ventas Realty LP REIT | 50,000 | 52,395 | ||||||
Wells Fargo & Co | 100,000 | 105,971 | ||||||
WPX Energy Inc | 75,000 | 75,750 | ||||||
WRKCo Inc | 75,000 | 79,165 | ||||||
|
| |||||||
4,774,645 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 5,187,324 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 7.3% |
| |||||||
Canada - 1.0% |
| |||||||
Burger King Term B | 120,034 | 120,571 | ||||||
GFL Environmental Inc Term B | 124,370 | 123,437 | ||||||
StandardAero | 43,706 | 43,979 | ||||||
|
| |||||||
287,987 | ||||||||
|
|
Principal Amount | Value | |||||||
United States - 6.3% |
| |||||||
Albertson’s LLC TermB-7 | $93,985 | $94,683 | ||||||
American Builders & Contractors Supply Co Inc | ||||||||
4.044% (USD LIBOR + 2.000%) due 10/31/23 § | 124,362 | 124,448 | ||||||
Bausch Health Americas Inc Term B | 116,393 | 116,996 | ||||||
BJ’s Wholesale Club Inc Term B | 124,685 | 125,188 | ||||||
Cornerstone Building Brands Inc Term B | 124,370 | 121,935 | ||||||
CSC Holdings LLC TermB-4 | 124,688 | 125,061 | ||||||
Dynasty Acquisition Co Inc | 81,294 | 81,802 | ||||||
Filtration Group Corp Term B | 119,672 | 120,108 | ||||||
Golden Nugget LLC Term B | 124,326 | 124,274 | ||||||
HUB International Ltd Term B | 124,370 | 123,165 | ||||||
Jaguar Holding Co II | 124,351 | 124,615 | ||||||
Reynolds Group Holdings Inc Term B | 124,361 | 124,701 | ||||||
SeaWorld Parks & Entertainment Inc TermB-5 | 124,362 | 124,439 | ||||||
Sprint Communications Inc Term B | 124,374 | 124,295 | ||||||
TransDigm Inc Term G | 124,367 | 124,095 | ||||||
|
| |||||||
1,779,805 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 2,067,792 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 7.7% |
| |||||||
U.S. Treasury Bonds - 1.6% |
| |||||||
2.875% due 05/15/49 | 390,000 | 455,325 | ||||||
|
| |||||||
U.S. Treasury Notes - 6.1% |
| |||||||
1.750% due 06/15/22 | 420,000 | 421,969 | ||||||
1.750% due 06/30/24 | 420,000 | 423,667 | ||||||
1.875% due 06/30/26 | 420,000 | 426,989 | ||||||
2.375% due 05/15/29 | 410,000 | 435,577 | ||||||
|
| |||||||
1,708,202 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 2,163,527 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-42
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.1% |
| |||||||
Money Market Fund - 1.1% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 317,453 | $317,453 | ||||||
|
| |||||||
Total Short-Term Investment |
| 317,453 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 28,186,273 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 123,998 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $28,310,271 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Common Stocks | 63.3% | |||
Corporate Bonds & Notes | 18.3% | |||
Senior Loan Notes | 7.3% | |||
U.S. Treasury Obligations | 7.7% | |||
Others (each less than 3.0%) | 3.0% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
United States (Includes Short-Term Investment) | 77.1% | |||
Japan | 4.0% | |||
Others (each less than 3.0%) | 18.5% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-43
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS DIVERSIFIED INCOME
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks | |||||||||||||||||
Brazil | $17,580 | $17,580 | $— | $— | ||||||||||||||
Germany | 17,794 | — | 17,794 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Preferred Stocks | 35,374 | 17,580 | 17,794 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Common Stocks | ||||||||||||||||||
Australia | 223,831 | — | 223,831 | — | ||||||||||||||
Belgium | 50,636 | — | 50,636 | — | ||||||||||||||
Brazil | 118,406 | 118,406 | — | — | ||||||||||||||
Canada | 50,726 | 50,726 | — | — | ||||||||||||||
China | 569,694 | 118,774 | 450,920 | — | ||||||||||||||
Denmark | 82,144 | — | 82,144 | — | ||||||||||||||
Finland | 45,480 | — | 45,480 | — | ||||||||||||||
France | 401,637 | 9,469 | 392,168 | — | ||||||||||||||
Germany | 295,238 | 19,926 | 275,312 | — | ||||||||||||||
Hong Kong | 203,570 | — | 203,570 | — | ||||||||||||||
India | 27,038 | 27,038 | — | — | ||||||||||||||
Indonesia | 65,347 | — | 65,347 | — | ||||||||||||||
Ireland | 12,860 | 7,368 | 5,492 | — | ||||||||||||||
Israel | 10,878 | 4,599 | 6,279 | — | ||||||||||||||
Italy | 46,930 | — | 46,930 | — | ||||||||||||||
Japan | 1,118,244 | — | 1,118,244 | — | ||||||||||||||
Macau | 11,622 | — | 11,622 | — | ||||||||||||||
Malaysia | 24,638 | — | 24,638 | — | ||||||||||||||
Mexico | 51,833 | 51,833 | — | — | ||||||||||||||
Netherlands | 116,266 | — | 116,266 | — | ||||||||||||||
New Zealand | 3,074 | — | 3,074 | — | ||||||||||||||
Norway | 15,295 | — | 15,295 | — | ||||||||||||||
Peru | 3,720 | 3,720 | — | — | ||||||||||||||
Philippines | 9,657 | — | 9,657 | — | ||||||||||||||
Portugal | 6,512 | — | 6,512 | — | ||||||||||||||
Russia | 105,073 | — | 105,073 | — | ||||||||||||||
Singapore | 83,316 | — | 83,316 | — | ||||||||||||||
South Africa | 121,863 | 3,655 | 118,208 | — | ||||||||||||||
Spain | 89,392 | — | 89,392 | — | ||||||||||||||
Sweden | 80,793 | — | 80,793 | — | ||||||||||||||
Switzerland | 483,156 | — | 483,156 | — | ||||||||||||||
Thailand | 26,899 | — | 26,899 | — | ||||||||||||||
United Kingdom | 599,941 | 32,545 | 567,396 | — | ||||||||||||||
United States | 12,763,618 | 12,760,144 | 3,474 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 17,919,327 | 13,208,203 | 4,711,124 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Exchange-Traded Funds | 495,476 | 495,476 | — | — | ||||||||||||||
Corporate Bonds & Notes | 5,187,324 | — | 5,187,324 | — | ||||||||||||||
Senior Loan Notes | 2,067,792 | — | 2,067,792 | — | ||||||||||||||
U.S. Treasury Obligations | 2,163,527 | — | 2,163,527 | — | ||||||||||||||
Short-Term Investment | 317,453 | 317,453 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $28,186,273 | $14,038,712 | $14,147,561 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-44
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMLARGE-CAP
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.9% |
| |||||||
Basic Materials - 2.2% |
| |||||||
Air Products & Chemicals Inc | 635 | $140,881 | ||||||
CF Industries Holdings Inc | 2,432 | 119,654 | ||||||
Huntsman Corp | 7,993 | 185,917 | ||||||
|
| |||||||
446,452 | ||||||||
|
| |||||||
Communications - 18.0% |
| |||||||
Alphabet Inc ‘A’ * | 522 | 637,435 | ||||||
Amazon.com Inc * | 448 | 777,688 | ||||||
Cisco Systems Inc | 7,098 | 350,712 | ||||||
Comcast Corp ‘A’ | 9,764 | 440,161 | ||||||
Discovery Inc ‘A’ * | 8,833 | 235,223 | ||||||
Expedia Group Inc | 1,646 | 221,239 | ||||||
Facebook Inc ‘A’ * | 3,102 | 552,404 | ||||||
Verizon Communications Inc | 7,853 | 474,007 | ||||||
|
| |||||||
3,688,869 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.6% |
| |||||||
AutoZone Inc * | 179 | 194,147 | ||||||
Best Buy Co Inc | 3,093 | 213,386 | ||||||
Delta Air Lines Inc | 4,164 | 239,846 | ||||||
Foot Locker Inc | 2,734 | 117,999 | ||||||
Polaris Inc | 1,609 | 141,608 | ||||||
PulteGroup Inc | 6,754 | 246,859 | ||||||
Royal Caribbean Cruises Ltd | 1,760 | 190,661 | ||||||
|
| |||||||
1,344,506 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 22.6% |
| |||||||
Abbott Laboratories | 3,925 | 328,405 | ||||||
Biogen Inc * | 796 | 185,325 | ||||||
Cigna Corp | 1,326 | 201,274 | ||||||
Eli Lilly & Co | 2,630 | 294,113 | ||||||
General Mills Inc | 3,747 | 206,535 | ||||||
Gilead Sciences Inc | 3,254 | 206,239 | ||||||
Kimberly-Clark Corp | 1,708 | 242,621 | ||||||
Medtronic PLC | 3,600 | 391,032 | ||||||
Merck & Co Inc | 4,951 | 416,775 | ||||||
Mondelez International Inc ‘A’ | 4,920 | 272,174 | ||||||
Quanta Services Inc | 5,036 | 190,361 | ||||||
The Kroger Co | 8,459 | 218,073 | ||||||
The Procter & Gamble Co | 3,742 | 465,430 | ||||||
Thermo Fisher Scientific Inc | 1,134 | 330,300 | ||||||
Tyson Foods Inc ‘A’ | 2,177 | 187,527 | ||||||
UnitedHealth Group Inc | 1,406 | 305,552 | ||||||
Vertex Pharmaceuticals Inc * | 1,022 | 173,147 | ||||||
|
| |||||||
4,614,883 | ||||||||
|
| |||||||
Energy - 4.6% |
| |||||||
ConocoPhillips | 4,429 | 252,364 | ||||||
EOG Resources Inc | 3,041 | 225,703 | ||||||
Marathon Petroleum Corp | 3,778 | 229,513 | ||||||
Phillips 66 | 2,317 | 237,261 | ||||||
|
| |||||||
944,841 | ||||||||
|
| |||||||
Financial - 18.5% |
| |||||||
American Express Co | 2,635 | 311,668 | ||||||
American Tower Corp REIT | 1,052 | 232,629 | ||||||
AvalonBay Communities Inc REIT | 1,116 | 240,308 | ||||||
Bank of America Corp | 13,878 | 404,821 | ||||||
Boston Properties Inc REIT | 1,425 | 184,765 | ||||||
E*TRADE Financial Corp | 3,884 | 169,692 | ||||||
JPMorgan Chase & Co | 4,317 | 508,068 | ||||||
Prudential Financial Inc | 3,177 | 285,771 | ||||||
T Rowe Price Group Inc | 1,731 | 197,767 | ||||||
The Charles Schwab Corp | 4,521 | 189,113 | ||||||
The Hartford Financial Services Group Inc | 4,140 | 250,925 |
Shares | Value | |||||||
Visa Inc ‘A’ | 3,201 | $ | 550,604 | |||||
Zions Bancorp NA | 5,939 | 264,404 | ||||||
|
| |||||||
3,790,535 | ||||||||
|
| |||||||
Industrial - 7.9% |
| |||||||
Honeywell International Inc | 1,835 | 310,482 | ||||||
Ingersoll-Rand PLC | 1,781 | 219,437 | ||||||
Northrop Grumman Corp | 566 | 212,131 | ||||||
Raytheon Co | 1,317 | 258,382 | ||||||
Textron Inc | 3,205 | 156,917 | ||||||
The Boeing Co | 689 | 262,144 | ||||||
Waste Management Inc | 1,766 | 203,090 | ||||||
|
| |||||||
1,622,583 | ||||||||
|
| |||||||
Technology - 14.5% |
| |||||||
Adobe Inc * | 1,118 | 308,848 | ||||||
Apple Inc | 3,240 | 725,663 | ||||||
Broadcom Inc | 1,108 | 305,886 | ||||||
DXC Technology Co | 2,533 | 74,724 | ||||||
Intel Corp | 5,602 | 288,671 | ||||||
Microsoft Corp | 7,600 | 1,056,628 | ||||||
NXP Semiconductors NV (Netherlands) | 1,930 | 210,602 | ||||||
|
| |||||||
2,971,022 | ||||||||
|
| |||||||
Utilities - 3.0% |
| |||||||
Ameren Corp | 3,871 | 309,874 | ||||||
DTE Energy Co | 2,280 | 303,149 | ||||||
|
| |||||||
613,023 | ||||||||
|
| |||||||
Total Common Stocks |
| 20,036,714 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.9% |
| |||||||
Money Market Fund - 1.9% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 390,328 | 390,328 | ||||||
|
| |||||||
Total Short-Term Investment |
| 390,328 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 20,427,042 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 48,455 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $20,475,497 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-Cyclical | 22.6% | |||
Financial | 18.5% | |||
Communications | 18.0% | |||
Technology | 14.5% | |||
Industrial | 7.9% | |||
Consumer, Cyclical | 6.6% | |||
Energy | 4.6% | |||
Utilities | 3.0% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-45
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $20,036,714 | $20,036,714 | $— | $— | |||||||||||||
Short-Term Investment | 390,328 | 390,328 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $20,427,042 | $20,427,042 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-46
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMLARGE-CAP VALUE
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.6% |
| |||||||
Basic Materials - 2.8% |
| |||||||
Air Products & Chemicals Inc | 1,112 | $246,708 | ||||||
CF Industries Holdings Inc | 2,710 | 133,332 | ||||||
Huntsman Corp | 7,711 | 179,358 | ||||||
|
| |||||||
559,398 | ||||||||
|
| |||||||
Communications - 13.1% |
| |||||||
Alphabet Inc ‘A’ * | 165 | 201,488 | ||||||
AT&T Inc | 14,138 | 534,982 | ||||||
Cisco Systems Inc | 5,999 | 296,411 | ||||||
Comcast Corp ‘A’ | 9,757 | 439,846 | ||||||
Discovery Inc ‘A’ * | 9,363 | 249,337 | ||||||
The Walt Disney Co | 1,941 | 252,951 | ||||||
Verizon Communications Inc | 9,850 | 594,546 | ||||||
|
| |||||||
2,569,561 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.4% |
| |||||||
BorgWarner Inc | 2,120 | 77,762 | ||||||
Delta Air Lines Inc | 5,235 | 301,536 | ||||||
PVH Corp | 2,100 | 185,283 | ||||||
Royal Caribbean Cruises Ltd | 2,733 | 296,066 | ||||||
|
| |||||||
860,647 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 22.1% |
| |||||||
Biogen Inc * | 579 | 134,803 | ||||||
Cigna Corp | 1,005 | 152,549 | ||||||
Danaher Corp | 1,336 | 192,958 | ||||||
Eli Lilly & Co | 1,582 | 176,915 | ||||||
Gilead Sciences Inc | 2,698 | 170,999 | ||||||
Hill-Rom Holdings Inc | 2,140 | 225,192 | ||||||
Kimberly-Clark Corp | 1,212 | 172,165 | ||||||
Medtronic PLC | 4,497 | 488,464 | ||||||
Merck & Co Inc | 3,237 | 272,491 | ||||||
Mondelez International Inc ‘A’ | 5,072 | 280,583 | ||||||
PepsiCo Inc | 2,560 | 350,976 | ||||||
Pfizer Inc | 7,703 | 276,769 | ||||||
Quanta Services Inc | 6,538 | 247,136 | ||||||
The Procter & Gamble Co | 5,018 | 624,139 | ||||||
Thermo Fisher Scientific Inc | 868 | 252,822 | ||||||
Tyson Foods Inc ‘A’ | 2,094 | 180,377 | ||||||
UnitedHealth Group Inc | 616 | 133,869 | ||||||
|
| |||||||
4,333,207 | ||||||||
|
| |||||||
Energy - 8.3% |
| |||||||
Chevron Corp | 3,907 | 463,370 | ||||||
ConocoPhillips | 4,224 | 240,684 | ||||||
Diamondback Energy Inc | 2,498 | 224,595 | ||||||
EOG Resources Inc | 2,837 | 210,562 | ||||||
Marathon Petroleum Corp | 4,457 | 270,763 | ||||||
Phillips 66 | 2,034 | 208,282 | ||||||
|
| |||||||
1,618,256 | ||||||||
|
| |||||||
Financial - 27.2% |
| |||||||
Alexandria Real Estate Equities Inc REIT | 802 | 123,540 | ||||||
American Express Co | 1,349 | 159,560 | ||||||
AvalonBay Communities Inc REIT | 692 | 149,008 | ||||||
Bank of America Corp | 21,731 | 633,893 | ||||||
Berkshire Hathaway Inc ‘B’ * | 1,105 | 229,862 | ||||||
Boston Properties Inc REIT | 1,858 | 240,908 | ||||||
Discover Financial Services | 3,400 | 275,706 | ||||||
E*TRADE Financial Corp | 3,876 | 169,342 | ||||||
Equity LifeStyle Properties Inc REIT | 757 | 101,135 | ||||||
Highwoods Properties Inc REIT | 2,443 | 109,788 | ||||||
Intercontinental Exchange Inc | 2,709 | 249,959 | ||||||
JPMorgan Chase & Co | 6,551 | 770,987 | ||||||
Prologis Inc REIT | 3,139 | 267,506 | ||||||
Prudential Financial Inc | 3,691 | 332,005 |
Shares | Value | |||||||
State Street Corp | 3,882 | $ 229,776 | ||||||
SunTrust Banks Inc | 3,756 | 258,413 | ||||||
The Allstate Corp | 1,884 | 204,753 | ||||||
The Charles Schwab Corp | 4,522 | 189,155 | ||||||
The Hartford Financial Services Group Inc | 5,190 | 314,566 | ||||||
The Travelers Cos Inc | 1,160 | 172,480 | ||||||
Wells Fargo & Co | 2,872 | 144,864 | ||||||
|
| |||||||
5,327,206 | ||||||||
|
| |||||||
Industrial - 8.7% |
| |||||||
Caterpillar Inc | 1,676 | 211,696 | ||||||
Honeywell International Inc | 1,252 | 211,838 | ||||||
Ingersoll-Rand PLC | 1,577 | 194,302 | ||||||
Lockheed Martin Corp | 537 | 209,462 | ||||||
Northrop Grumman Corp | 902 | 338,061 | ||||||
Owens Corning | 2,453 | 155,030 | ||||||
Textron Inc | 2,877 | 140,858 | ||||||
Waste Management Inc | 2,106 | 242,190 | ||||||
|
| |||||||
1,703,437 | ||||||||
|
| |||||||
Technology - 5.4% |
| |||||||
Broadcom Inc | 1,134 | 313,063 | ||||||
Intel Corp | 3,352 | 172,729 | ||||||
Microsoft Corp | 1,186 | 164,890 | ||||||
ON Semiconductor Corp * | 12,427 | 238,723 | ||||||
Oracle Corp | 3,112 | 171,253 | ||||||
|
| |||||||
1,060,658 | ||||||||
|
| |||||||
Utilities - 5.6% |
| |||||||
American Electric Power Co Inc | 3,935 | 368,670 | ||||||
DTE Energy Co | 2,507 | 333,331 | ||||||
Xcel Energy Inc | 6,195 | 401,994 | ||||||
|
| |||||||
1,103,995 | ||||||||
|
| |||||||
Total Common Stocks |
| 19,136,365 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.2% |
| |||||||
Money Market Fund - 2.2% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 420,182 | 420,182 | ||||||
|
| |||||||
Total Short-Term Investment |
| 420,182 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 19,556,547 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 41,709 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $19,598,256 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 27.2% | |||
Consumer,Non-Cyclical | 22.1% | |||
Communications | 13.1% | |||
Industrial | 8.7% | |||
Energy | 8.3% | |||
Utilities | 5.6% | |||
Technology | 5.4% | |||
Consumer, Cyclical | 4.4% | |||
Others (each less than 3.0%) | 5.0% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-47
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP VALUE
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $19,136,365 | $19,136,365 | $— | $— | |||||||||||||
Short-Term Investment | 420,182 | 420,182 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $19,556,547 | $19,556,547 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-48
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMSMALL/MID-CAP
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.9% |
| |||||||
Basic Materials - 2.7% |
| |||||||
Allegheny Technologies Inc * | 71,988 | $1,457,757 | ||||||
Kaiser Aluminum Corp | 28,511 | 2,821,734 | ||||||
Kraton Corp * | 54,378 | 1,755,866 | ||||||
PolyOne Corp | 47,063 | 1,536,607 | ||||||
Rogers Corp * | 12,091 | 1,652,961 | ||||||
|
| |||||||
9,224,925 | ||||||||
|
| |||||||
Communications - 5.9% |
| |||||||
CDW Corp | 26,516 | 3,267,832 | ||||||
Ciena Corp * | 66,680 | 2,615,856 | ||||||
LogMeIn Inc | 26,496 | 1,880,156 | ||||||
NETGEAR Inc * | 55,117 | 1,775,870 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 70,486 | 3,012,572 | ||||||
Viavi Solutions Inc * | 227,727 | 3,189,317 | ||||||
Vonage Holdings Corp * | 246,268 | 2,782,828 | ||||||
Yelp Inc * | 62,786 | 2,181,814 | ||||||
|
| |||||||
20,706,245 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.6% |
| |||||||
Aramark | 88,352 | 3,850,380 | ||||||
BJ’s Restaurants Inc | 56,358 | 2,188,945 | ||||||
BJ’s Wholesale Club Holdings Inc * | 107,526 | 2,781,698 | ||||||
Bloomin’ Brands Inc | 161,685 | 3,060,697 | ||||||
Capri Holdings Ltd * | 43,161 | 1,431,219 | ||||||
Dine Brands Global Inc | 29,435 | 2,232,939 | ||||||
G-III Apparel Group Ltd * | 54,881 | 1,414,283 | ||||||
KB Home | 67,724 | 2,302,616 | ||||||
Lithia Motors Inc ‘A’ | 16,047 | 2,124,302 | ||||||
RH * | 14,901 | 2,545,538 | ||||||
SeaWorld Entertainment Inc * | 106,815 | 2,811,371 | ||||||
SkyWest Inc | 47,575 | 2,730,805 | ||||||
Sleep Number Corp * | 61,426 | 2,538,122 | ||||||
Steven Madden Ltd | 57,923 | 2,073,064 | ||||||
The Children’s Place Inc | 16,541 | 1,273,492 | ||||||
Wolverine World Wide Inc | 59,157 | 1,671,777 | ||||||
|
| |||||||
37,031,248 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 26.6% |
| |||||||
Adtalem Global Education Inc * | 56,340 | 2,145,991 | ||||||
Amedisys Inc * | 21,909 | 2,870,298 | ||||||
Amicus Therapeutics Inc * | 123,222 | 988,240 | ||||||
AMN Healthcare Services Inc * | 32,927 | 1,895,278 | ||||||
BioTelemetry Inc * | 50,380 | 2,051,977 | ||||||
Cardtronics PLC ‘A’ * | 80,151 | 2,423,766 | ||||||
Charles River Laboratories International Inc * | 21,979 | 2,909,360 | ||||||
Encompass Health Corp | 35,380 | 2,238,846 | ||||||
Euronet Worldwide Inc * | 25,971 | 3,799,557 | ||||||
Green Dot Corp ‘A’ * | 53,275 | 1,345,194 | ||||||
Harsco Corp * | 85,124 | 1,613,951 | ||||||
Helen of Troy Ltd * | 10,374 | 1,635,565 | ||||||
Hill-Rom Holdings Inc | 38,589 | 4,060,720 | ||||||
Horizon Therapeutics PLC * | 125,940 | 3,429,346 | ||||||
Hostess Brands Inc * | 147,162 | 2,058,061 | ||||||
ICF International Inc | 35,978 | 3,039,062 | ||||||
Insperity Inc | 24,954 | 2,460,963 | ||||||
Ionis Pharmaceuticals Inc * | 28,485 | 1,706,536 | ||||||
Jazz Pharmaceuticals PLC * | 24,450 | 3,133,023 | ||||||
Lamb Weston Holdings Inc | 48,467 | 3,524,520 | ||||||
LHC Group Inc * | 24,116 | 2,738,613 | ||||||
LivaNova PLC * | 27,879 | 2,057,191 | ||||||
LiveRamp Holdings Inc * | 78,980 | 3,392,981 | ||||||
Merit Medical Systems Inc * | 67,554 | 2,057,695 | ||||||
Myriad Genetics Inc * | 56,527 | 1,618,368 | ||||||
Neurocrine Biosciences Inc * | 27,641 | 2,490,731 | ||||||
Option Care Health Inc * | 413,282 | 1,322,502 | ||||||
Performance Food Group Co * | 75,391 | 3,468,740 |
Shares | Value | |||||||
Post Holdings Inc * | 14,612 | $ 1,546,534 | ||||||
PRA Health Sciences Inc * | 26,201 | 2,599,925 | ||||||
Quanta Services Inc | 80,990 | 3,061,422 | ||||||
Quidel Corp * | 34,585 | 2,121,790 | ||||||
Service Corp International | 88,308 | 4,222,005 | ||||||
Supernus Pharmaceuticals Inc * | 52,291 | 1,436,957 | ||||||
Syneos Health Inc * | 57,645 | 3,067,290 | ||||||
Teleflex Inc | 7,253 | 2,464,207 | ||||||
The Cooper Cos Inc | 12,270 | 3,644,190 | ||||||
|
| |||||||
92,641,395 | ||||||||
|
| |||||||
Energy - 2.6% |
| |||||||
Diamondback Energy Inc | 35,403 | 3,183,084 | ||||||
Helix Energy Solutions Group Inc * | 196,476 | 1,583,597 | ||||||
Helmerich & Payne Inc | 46,886 | 1,878,722 | ||||||
WPX Energy Inc * | 217,252 | 2,300,699 | ||||||
|
| |||||||
8,946,102 | ||||||||
|
| |||||||
Financial - 22.9% |
| |||||||
Aircastle Ltd | 134,920 | 3,026,256 | ||||||
Alleghany Corp * | 5,229 | 4,171,487 | ||||||
Blucora Inc * | 86,672 | 1,875,582 | ||||||
Deluxe Corp | 54,674 | 2,687,774 | ||||||
Douglas Emmett Inc REIT | 59,438 | 2,545,730 | ||||||
Equity LifeStyle Properties Inc REIT | 22,911 | 3,060,910 | ||||||
Essent Group Ltd | 59,477 | 2,835,269 | ||||||
Everest Re Group Ltd | 17,011 | 4,526,457 | ||||||
Glacier Bancorp Inc | 51,452 | 2,081,748 | ||||||
Highwoods Properties Inc REIT | 41,042 | 1,844,427 | ||||||
Horace Mann Educators Corp | 44,753 | 2,073,407 | ||||||
Hudson Pacific Properties Inc REIT | 66,729 | 2,232,752 | ||||||
IBERIABANK Corp | 47,311 | 3,573,873 | ||||||
Lamar Advertising Co ‘A’ REIT | 50,483 | 4,136,072 | ||||||
Life Storage Inc REIT | 28,677 | 3,022,843 | ||||||
Mid-America Apartment Communities Inc REIT | 13,604 | 1,768,656 | ||||||
Old Republic International Corp | 180,269 | 4,248,940 | ||||||
PacWest Bancorp | 70,618 | 2,566,258 | ||||||
Piedmont Office Realty Trust Inc ‘A’ REIT | 121,231 | 2,531,303 | ||||||
PS Business Parks Inc REIT | 11,818 | 2,150,285 | ||||||
Radian Group Inc | 125,634 | 2,869,481 | ||||||
Ryman Hospitality Properties Inc REIT | 37,200 | 3,043,332 | ||||||
TCF Financial Corp | 64,509 | 2,455,858 | ||||||
The Hanover Insurance Group Inc | 30,033 | 4,070,673 | ||||||
Virtu Financial Inc ‘A’ | 132,763 | 2,172,003 | ||||||
Western Alliance Bancorp | 48,921 | 2,254,280 | ||||||
Wintrust Financial Corp | 39,534 | 2,555,082 | ||||||
Zions Bancorp | 77,018 | 3,428,841 | ||||||
|
| |||||||
79,809,579 | ||||||||
|
| |||||||
Industrial - 14.7% |
| |||||||
Acuity Brands Inc | 18,690 | 2,519,225 | ||||||
Aerojet Rocketdyne Holdings Inc * | 72,030 | 3,638,235 | ||||||
Altra Industrial Motion Corp | 58,492 | 1,619,936 | ||||||
American Woodmark Corp * | 26,729 | 2,376,475 | ||||||
EnPro Industries Inc | 34,522 | 2,369,935 | ||||||
Generac Holdings Inc * | 45,715 | 3,581,313 | ||||||
Graphic Packaging Holding Co | 206,199 | 3,041,435 | ||||||
Hubbell Inc | 13,043 | 1,713,850 | ||||||
ITT Inc | 43,022 | 2,632,516 | ||||||
Jacobs Engineering Group Inc | 38,243 | 3,499,235 | ||||||
Kirby Corp * | 23,498 | 1,930,596 | ||||||
MasTec Inc * | 55,901 | 3,629,652 | ||||||
Rexnord Corp * | 54,922 | 1,485,640 | ||||||
Ryder System Inc | 33,764 | 1,747,962 | ||||||
Sonoco Products Co | 52,949 | 3,082,161 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 23,749 | 1,953,118 | ||||||
SPX Corp * | 78,686 | 3,148,227 | ||||||
US Concrete Inc * | 44,521 | 2,461,121 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-49
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMALL/MID-CAP
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
US Ecology Inc | 40,242 | $ | 2,573,073 | |||||
Werner Enterprises Inc | 61,063 | 2,155,524 | ||||||
|
| |||||||
51,159,229 | ||||||||
|
| |||||||
Technology - 9.7% |
| |||||||
Benefitfocus Inc * | 37,966 | 903,970 | ||||||
Bottomline Technologies DE Inc * | 66,337 | 2,610,361 | ||||||
CommVault Systems Inc * | 40,415 | 1,806,955 | ||||||
Cornerstone OnDemand Inc * | 32,123 | 1,760,983 | ||||||
j2 Global Inc | 35,381 | 3,213,302 | ||||||
MKS Instruments Inc | 19,623 | 1,810,810 | ||||||
Nuance Communications Inc * | 123,310 | 2,011,186 | ||||||
Qualys Inc * | 21,837 | 1,650,222 | ||||||
RealPage Inc * | 54,109 | 3,401,292 | ||||||
Silicon Laboratories Inc * | 34,469 | 3,838,123 | ||||||
SPS Commerce Inc * | 68,545 | 3,226,413 | ||||||
Synopsys Inc * | 26,506 | 3,637,949 | ||||||
Zebra Technologies Corp ‘A’ * | 18,534 | 3,824,862 | ||||||
|
| |||||||
33,696,428 | ||||||||
|
| |||||||
Utilities - 2.2% |
| |||||||
Black Hills Corp | 37,166 | 2,851,747 | ||||||
CMS Energy Corp | 36,035 | 2,304,438 | ||||||
Portland General Electric Co | 46,658 | 2,630,111 | ||||||
|
| |||||||
7,786,296 | ||||||||
|
| |||||||
Total Common Stocks |
| 341,001,447 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 2.1% |
| |||||||
Money Market Fund - 2.1% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 7,365,624 | $ 7,365,624 | ||||||
|
| |||||||
Total Short-Term Investment |
| 7,365,624 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% |
| 348,367,071 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) |
| (69,449 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $348,297,622 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-Cyclical | 26.6% | |||
Financial | 22.9% | |||
Industrial | 14.7% | |||
Consumer, Cyclical | 10.6% | |||
Technology | 9.7% | |||
Communications | 5.9% | |||
Others (each less than 3.0%) | 9.6% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $341,001,447 | $341,001,447 | $— | $— | |||||||||||||
Short-Term Investment | 7,365,624 | 7,365,624 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $348,367,071 | $348,367,071 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-50
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMSMALL-CAP
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.5% |
| |||||||
Basic Materials - 3.3% |
| |||||||
Allegheny Technologies Inc * | 6,542 | $132,476 | ||||||
Commercial Metals Co | 5,456 | 94,825 | ||||||
Kraton Corp * | 4,140 | 133,681 | ||||||
PolyOne Corp | 4,418 | 144,248 | ||||||
Rogers Corp * | 730 | 99,798 | ||||||
|
| |||||||
605,028 | ||||||||
|
| |||||||
Communications - 4.8% |
| |||||||
NETGEAR Inc * | 2,734 | 88,089 | ||||||
Perficient Inc * | 4,246 | 163,811 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 3,017 | 128,947 | ||||||
Viavi Solutions Inc * | 13,840 | 193,829 | ||||||
Vonage Holdings Corp * | 11,197 | 126,526 | ||||||
Yelp Inc * | 5,326 | 185,079 | ||||||
|
| |||||||
886,281 | ||||||||
|
| |||||||
Consumer, Cyclical - 11.2% |
| |||||||
BJ’s Restaurants Inc | 2,884 | 112,015 | ||||||
BJ’s Wholesale Club Holdings Inc * | 4,844 | 125,314 | ||||||
Bloomin’ Brands Inc | 6,477 | 122,610 | ||||||
Callaway Golf Co | 5,206 | 101,048 | ||||||
Del Taco Restaurants Inc * | 8,419 | 86,084 | ||||||
Dine Brands Global Inc | 1,576 | 119,555 | ||||||
G-III Apparel Group Ltd * | 2,213 | 57,029 | ||||||
KB Home | 4,238 | 144,092 | ||||||
Lithia Motors Inc ‘A’ | 1,216 | 160,974 | ||||||
Marriott Vacations Worldwide Corp | 1,692 | 175,308 | ||||||
RH * | 650 | 111,040 | ||||||
SeaWorld Entertainment Inc * | 3,867 | 101,779 | ||||||
SkyWest Inc | 3,514 | 201,704 | ||||||
Sleep Number Corp * | 3,423 | 141,438 | ||||||
Steven Madden Ltd | 3,990 | 142,802 | ||||||
The Children’s Place Inc | 1,419 | 109,249 | ||||||
Wolverine World Wide Inc | 2,086 | 58,950 | ||||||
|
| |||||||
2,070,991 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 28.4% |
| |||||||
Acadia Healthcare Co Inc * | 3,861 | 120,000 | ||||||
Adtalem Global Education Inc * | 3,768 | 143,523 | ||||||
Amedisys Inc * | 1,928 | 252,587 | ||||||
Amicus Therapeutics Inc * | 6,134 | 49,195 | ||||||
AMN Healthcare Services Inc * | 2,923 | 168,248 | ||||||
Amphastar Pharmaceuticals Inc * | 5,453 | 108,133 | ||||||
BioTelemetry Inc * | 2,099 | 85,492 | ||||||
Blueprint Medicines Corp * | 1,525 | 112,042 | ||||||
Cardtronics PLC ‘A’ * | 4,591 | 138,832 | ||||||
Edgewell Personal Care Co * | 4,497 | 146,108 | ||||||
FibroGen Inc * | 2,126 | 78,619 | ||||||
Green Dot Corp ‘A’ * | 3,905 | 98,601 | ||||||
Harsco Corp * | 8,646 | 163,928 | ||||||
Helen of Troy Ltd * | 1,305 | 205,746 | ||||||
Horizon Therapeutics PLC * | 9,412 | 256,289 | ||||||
Hostess Brands Inc * | 10,432 | 145,892 | ||||||
ICF International Inc | 2,348 | 198,336 | ||||||
Insperity Inc | 1,942 | 191,520 | ||||||
J&J Snack Foods Corp | 625 | 120,000 | ||||||
LHC Group Inc * | 1,980 | 224,849 | ||||||
LivaNova PLC * | 2,000 | 147,580 | ||||||
LiveRamp Holdings Inc * | 4,507 | 193,621 | ||||||
Magellan Health Inc * | 1,473 | 91,473 | ||||||
Merit Medical Systems Inc * | 4,616 | 140,603 | ||||||
Myriad Genetics Inc * | 5,854 | 167,600 | ||||||
NuVasive Inc * | 2,426 | 153,760 | ||||||
Option Care Health Inc * | �� | 27,799 | 88,957 | |||||
Orthofix Medical Inc * | 2,718 | 144,108 | ||||||
Performance Food Group Co * | 4,883 | 224,667 |
Shares | Value | |||||||
Quidel Corp * | 2,578 | $ 158,160 | ||||||
SP Plus Corp * | 2,452 | 90,724 | ||||||
Supernus Pharmaceuticals Inc * | 4,819 | 132,426 | ||||||
Syneos Health Inc * | 3,254 | 173,145 | ||||||
Ultragenyx Pharmaceutical Inc * | 1,498 | 64,084 | ||||||
Vanda Pharmaceuticals Inc * | 7,539 | 100,118 | ||||||
Viad Corp | 2,071 | 139,068 | ||||||
|
| |||||||
5,218,034 | ||||||||
|
| |||||||
Energy - 2.0% |
| |||||||
Helix Energy Solutions Group Inc * | 16,520 | 133,151 | ||||||
Magnolia Oil & Gas Corp ‘A’ * | 12,413 | 137,784 | ||||||
PDC Energy Inc * | 3,353 | 93,046 | ||||||
|
| |||||||
363,981 | ||||||||
|
| |||||||
Financial - 24.2% |
| |||||||
Aircastle Ltd | 8,243 | 184,890 | ||||||
Argo Group International Holdings Ltd | 2,584 | 181,500 | ||||||
Armada Hoffler Properties Inc REIT | 7,803 | 141,156 | ||||||
Blucora Inc * | 3,762 | 81,410 | ||||||
Brightsphere Investment Group Inc | 10,598 | 105,026 | ||||||
Cathay General Bancorp | 3,926 | 136,370 | ||||||
CenterState Bank Corp | 5,073 | 121,676 | ||||||
Deluxe Corp | 3,320 | 163,211 | ||||||
Enterprise Financial Services Corp | 3,019 | 123,024 | ||||||
Essent Group Ltd | 2,528 | 120,510 | ||||||
First Industrial Realty Trust Inc REIT | 5,887 | 232,890 | ||||||
First Midwest Bancorp Inc | 5,033 | 98,043 | ||||||
Glacier Bancorp Inc | 2,306 | 93,301 | ||||||
Home BancShares Inc | 6,418 | 120,626 | ||||||
Horace Mann Educators Corp | 3,388 | 156,966 | ||||||
IBERIABANK Corp | 1,988 | 150,174 | ||||||
Invesco Mortgage Capital Inc REIT | 6,273 | 96,040 | ||||||
Investors Bancorp Inc | 14,048 | 159,585 | ||||||
National Storage Affiliates Trust REIT | 4,244 | 141,622 | ||||||
NexPoint Residential Trust Inc REIT | 4,010 | 187,508 | ||||||
Old National Bancorp | 8,479 | 145,881 | ||||||
Piedmont Office Realty Trust Inc ‘A’ REIT | 6,965 | 145,429 | ||||||
PotlatchDeltic Corp REIT | 2,749 | 112,943 | ||||||
PS Business Parks Inc REIT | 1,216 | 221,251 | ||||||
Radian Group Inc | 7,784 | 177,787 | ||||||
Ryman Hospitality Properties Inc REIT | 2,293 | 187,590 | ||||||
Simmons First National Corp ‘A’ | 5,527 | 137,622 | ||||||
Stifel Financial Corp | 485 | 27,829 | ||||||
Sunstone Hotel Investors Inc REIT | 8,930 | 122,698 | ||||||
TCF Financial Corp | 2,439 | 92,853 | ||||||
United Community Banks Inc | 5,456 | 154,678 | ||||||
WSFS Financial Corp | 2,882 | 127,096 | ||||||
|
| |||||||
4,449,185 | ||||||||
|
| |||||||
Industrial - 12.3% |
| |||||||
Air Transport Services Group Inc * | 6,016 | 126,456 | ||||||
Altra Industrial Motion Corp | 5,088 | 140,912 | ||||||
American Woodmark Corp * | 1,192 | 105,981 | ||||||
EMCOR Group Inc | 2,352 | 202,554 | ||||||
EnerSys | 1,885 | 124,297 | ||||||
Generac Holdings Inc * | 2,008 | 157,307 | ||||||
MasTec Inc * | 3,694 | 239,851 | ||||||
OSI Systems Inc * | 877 | 89,068 | ||||||
Rexnord Corp * | 6,049 | 163,625 | ||||||
Saia Inc * | 1,938 | 181,591 | ||||||
SPX Corp * | 3,331 | 133,273 | ||||||
Universal Forest Products Inc | 3,404 | 135,752 | ||||||
US Concrete Inc * | 2,617 | 144,668 | ||||||
US Ecology Inc | 1,409 | 90,091 | ||||||
Vishay Intertechnology Inc | 7,572 | 128,194 | ||||||
Werner Enterprises Inc | 2,595 | 91,604 | ||||||
|
| |||||||
2,255,224 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-51
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMALL-CAP
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Technology - 8.6% |
| |||||||
Allscripts Healthcare Solutions Inc * | 13,025 | $ 143,015 | ||||||
Bottomline Technologies DE Inc * | 2,072 | 81,533 | ||||||
CommVault Systems Inc * | 2,488 | 111,238 | ||||||
Cornerstone OnDemand Inc * | 3,342 | 183,208 | ||||||
Glu Mobile Inc * | 21,234 | 105,958 | ||||||
j2 Global Inc | 2,121 | 192,629 | ||||||
Qualys Inc * | 2,213 | 167,236 | ||||||
Silicon Laboratories Inc * | 1,277 | 142,194 | ||||||
SPS Commerce Inc * | 3,596 | 169,264 | ||||||
Verint Systems Inc * | 4,488 | 191,997 | ||||||
Virtusa Corp * | 2,525 | 90,951 | ||||||
|
| |||||||
1,579,223 | ||||||||
|
| |||||||
Utilities - 3.7% |
| |||||||
ALLETE Inc | 2,124 | 185,659 | ||||||
Black Hills Corp | 2,395 | 183,768 | ||||||
Portland General Electric Co | 2,081 | 117,306 | ||||||
Southwest Gas Holdings Inc | 2,075 | 188,908 | ||||||
|
| |||||||
675,641 | ||||||||
|
| |||||||
Total Common Stocks |
| 18,103,588 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.0% |
| |||||||
Money Market Fund - 1.0% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 178,656 | $ 178,656 | ||||||
|
| |||||||
Total Short-Term Investment |
| 178,656 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.5% |
| 18,282,244 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% |
| 100,089 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $18,382,333 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-Cyclical | 28.4% | |||
Financial | 24.2% | |||
Industrial | 12.3% | |||
Consumer, Cyclical | 11.2% | |||
Technology | 8.6% | |||
Communications | 4.8% | |||
Utilities | 3.7% | |||
Basic Materials | 3.3% | |||
Others (each less than 3.0%) | 3.0% | |||
|
| |||
99.5% | ||||
Other Assets & Liabilities, Net | 0.5% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $18,103,588 | $18,103,588 | $— | $— | |||||||||||||
Short-Term Investment | 178,656 | 178,656 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $18,282,244 | $18,282,244 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-52
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP VALUE
Schedule of Investments
September 30, 2019 (Unaudited)
| Value | |||||||
COMMON STOCKS - 97.1% | ||||||||
Basic Materials - 2.7% | ||||||||
Allegheny Technologies Inc * | 6,129 | $124,112 | ||||||
Commercial Metals Co | 4,857 | 84,415 | ||||||
Kaiser Aluminum Corp | 1,403 | 138,855 | ||||||
Kraton Corp * | 5,238 | 169,135 | ||||||
|
| |||||||
516,517 | ||||||||
|
| |||||||
Communications - 2.7% | ||||||||
NETGEAR Inc * | 4,635 | 149,340 | ||||||
Perficient Inc * | 2,740 | 105,709 | ||||||
Viavi Solutions Inc * | 10,272 | 143,859 | ||||||
Yelp Inc * | 3,336 | 115,926 | ||||||
|
| |||||||
514,834 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.8% | ||||||||
BJ’s Wholesale Club Holdings Inc * | 6,094 | 157,652 | ||||||
Bloomin’ Brands Inc | 7,573 | 143,357 | ||||||
Callaway Golf Co | 6,376 | 123,758 | ||||||
Conn’s Inc * | 3,888 | 96,656 | ||||||
Del Taco Restaurants Inc * | 10,925 | 111,708 | ||||||
Designer Brands Inc ‘A’ | 10,317 | 176,627 | ||||||
Dine Brands Global Inc | 1,655 | 125,548 | ||||||
G-III Apparel Group Ltd * | 3,742 | 96,431 | ||||||
KB Home | 4,709 | 160,106 | ||||||
Marriott Vacations Worldwide Corp | 1,503 | 155,726 | ||||||
RH * | 865 | 147,768 | ||||||
SkyWest Inc | 4,348 | 249,575 | ||||||
The Children’s Place Inc | 1,479 | 113,868 | ||||||
|
| |||||||
1,858,780 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 16.0% | ||||||||
Aaron’s Inc | 2,679 | 172,153 | ||||||
Acadia Healthcare Co Inc * | 4,033 | 125,346 | ||||||
Adtalem Global Education Inc * | 5,980 | 227,778 | ||||||
AngioDynamics Inc * | 4,717 | 86,887 | ||||||
Cardtronics PLC ‘A’ * | 4,400 | 133,056 | ||||||
Central Garden & Pet Co ‘A’ * | 4,642 | 128,699 | ||||||
Edgewell Personal Care Co * | 5,432 | 176,486 | ||||||
Harsco Corp * | 3,598 | 68,218 | ||||||
Helen of Troy Ltd * | 1,716 | 270,545 | ||||||
Horizon Therapeutics Plc * | 5,591 | 152,243 | ||||||
Hostess Brands Inc * | 10,435 | 145,934 | ||||||
ICF International Inc | 2,431 | 205,347 | ||||||
LivaNova PLC * | 1,099 | 81,095 | ||||||
Magellan Health Inc * | 1,648 | 102,341 | ||||||
Merit Medical Systems Inc * | 3,855 | 117,423 | ||||||
Myriad Genetics Inc * | 3,544 | 101,465 | ||||||
Option Care Health Inc * | 26,187 | 83,798 | ||||||
Orthofix Medical Inc * | 2,608 | 138,276 | ||||||
SP Plus Corp * | 6,505 | 240,685 | ||||||
Syneos Health Inc * | 3,041 | 161,812 | ||||||
Viad Corp | 1,655 | 111,133 | ||||||
|
| |||||||
3,030,720 | ||||||||
|
| |||||||
Energy - 4.1% | ||||||||
Delek US Holdings Inc | 2,056 | 74,633 | ||||||
Exterran Corp * | 5,109 | 66,724 | ||||||
Helix Energy Solutions Group Inc * | 18,743 | 151,069 | ||||||
Jagged Peak Energy Inc * | 14,301 | 103,825 | ||||||
Magnolia Oil & Gas Corp ‘A’ * | 18,550 | 205,905 | ||||||
PDC Energy Inc * | 6,372 | 176,823 | ||||||
|
| |||||||
778,979 | ||||||||
|
| |||||||
Financial - 38.8% | ||||||||
Agree Realty Corp REIT | 1,925 | 140,814 | ||||||
Aircastle Ltd | 9,350 | 209,721 | ||||||
Argo Group International Holdings Ltd | 2,715 | 190,702 | ||||||
Armada Hoffler Properties Inc REIT | 10,842 | 196,132 |
| Value | |||||||
Blucora Inc * | 4,082 | $ | 88,335 | |||||
Brightsphere Investment Group Inc | 10,674 | 105,779 | ||||||
Cadence BanCorp | 7,191 | 126,130 | ||||||
Camden National Corp | 2,789 | 120,819 | ||||||
Cathay General Bancorp | 4,598 | 159,712 | ||||||
CenterState Bank Corp | 6,822 | 163,626 | ||||||
Deluxe Corp | 3,540 | 174,026 | ||||||
Enterprise Financial Services Corp | 3,019 | 123,024 | ||||||
Essent Group Ltd | 3,587 | 170,992 | ||||||
First Bancorp | 4,775 | 171,423 | ||||||
First Industrial Realty Trust Inc REIT | 7,365 | 291,359 | ||||||
First Interstate BancSystem Inc ‘A’ | 4,801 | 193,192 | ||||||
First Midwest Bancorp Inc | 7,515 | 146,392 | ||||||
Glacier Bancorp Inc | 4,452 | 180,128 | ||||||
Hilltop Holdings Inc | 7,564 | 180,704 | ||||||
Home BancShares Inc | 6,813 | 128,050 | ||||||
Horace Mann Educators Corp | 2,903 | 134,496 | ||||||
Horizon Bancorp Inc | 7,071 | 122,753 | ||||||
IBERIABANK Corp | 2,921 | 220,652 | ||||||
Invesco Mortgage Capital Inc REIT | 17,411 | 266,562 | ||||||
Investors Bancorp Inc | 17,975 | 204,196 | ||||||
MFA Financial Inc REIT | 31,099 | 228,889 | ||||||
National Storage Affiliates Trust REIT | 7,202 | 240,331 | ||||||
NexPoint Residential Trust Inc REIT | 5,391 | 252,083 | ||||||
Old National Bancorp | 8,406 | 144,625 | ||||||
Old Second Bancorp Inc | 8,432 | 103,039 | ||||||
Piedmont Office Realty Trust Inc ‘A’ REIT | 11,248 | 234,858 | ||||||
PotlatchDeltic Corp REIT | 3,922 | 161,135 | ||||||
PS Business Parks Inc REIT | 617 | 112,263 | ||||||
QCR Holdings Inc | 2,780 | 105,584 | ||||||
Radian Group Inc | 9,694 | 221,411 | ||||||
Ryman Hospitality Properties Inc REIT | 3,341 | 273,327 | ||||||
Sandy Spring Bancorp Inc | 4,673 | 157,527 | ||||||
Simmons First National Corp ‘A’ | 5,710 | 142,179 | ||||||
Stifel Financial Corp | 2,215 | 127,097 | ||||||
Sunstone Hotel Investors Inc REIT | 9,641 | 132,467 | ||||||
TCF Financial Corp | 4,047 | 154,069 | ||||||
United Community Banks Inc | 6,058 | 171,744 | ||||||
WSFS Financial Corp | 4,219 | 186,058 | ||||||
|
| |||||||
7,358,405 | ||||||||
|
| |||||||
Industrial - 11.7% | ||||||||
Altra Industrial Motion Corp | 4,157 | 115,128 | ||||||
Astronics Corp * | 3,976 | 116,815 | ||||||
Belden Inc | 1,487 | 79,317 | ||||||
EMCOR Group Inc | 2,798 | 240,964 | ||||||
EnerSys | 1,880 | 123,967 | ||||||
Knowles Corp * | 8,516 | 173,215 | ||||||
MasTec Inc * | 1,902 | 123,497 | ||||||
MYR Group Inc * | 3,372 | 105,510 | ||||||
Rexnord Corp * | 5,247 | 141,931 | ||||||
Sanmina Corp * | 6,586 | 211,476 | ||||||
TriMas Corp * | 5,966 | 182,858 | ||||||
Trinseo SA | 2,550 | 109,523 | ||||||
Universal Forest Products Inc | 5,375 | 214,355 | ||||||
Vishay Intertechnology Inc | 6,993 | 118,392 | ||||||
Werner Enterprises Inc | 4,440 | 156,732 | ||||||
|
| |||||||
2,213,680 | ||||||||
|
| |||||||
Technology - 4.7% | ||||||||
Allscripts Healthcare Solutions Inc * | 13,206 | 145,002 | ||||||
CACI International Inc ‘A’ * | 759 | 175,526 | ||||||
CSG Systems International Inc | 3,949 | 204,084 | ||||||
Insight Enterprises Inc * | 3,177 | 176,927 | ||||||
Verint Systems Inc * | 4,360 | 186,521 | ||||||
|
| |||||||
888,060 | ||||||||
|
| |||||||
Utilities - 6.6% | ||||||||
ALLETE Inc | 3,703 | 323,679 | ||||||
Black Hills Corp | 3,814 | 292,648 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-53
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP VALUE
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
| Value | |||||||
Portland General Electric Co | 5,913 | $ | 333,316 | |||||
Southwest Gas Holdings Inc | 3,200 | 291,328 | ||||||
|
| |||||||
1,240,971 | ||||||||
|
| |||||||
Total Common Stocks | 18,400,946 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND - 0.5% | ||||||||
iShares Russell 2000 Value | 785 | 93,737 | ||||||
|
| |||||||
Total Exchange-Traded Fund | 93,737 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.9% | ||||||||
Money Market Fund - 2.9% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio | 559,034 | 559,034 | ||||||
|
| |||||||
Total Short-Term Investment | 559,034 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.5% | 19,053,717 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.5%) | (100,525 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $18,953,192 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 38.8% | |||
Consumer,Non-Cyclical | 16.0% | |||
Industrial | 11.7% | |||
Consumer, Cyclical | 9.8% | |||
Utilities | 6.6% | |||
Technology | 4.7% | |||
Energy | 4.1% | |||
Others (each less than 3.0%) | 8.8% | |||
|
| |||
100.5% | ||||
Other Assets & Liabilities, Net | (0.5% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $18,400,946 | $18,400,946 | $— | $— | |||||||||||||
Exchange-Traded Fund | 93,737 | 93,737 | — | — | ||||||||||||||
Short-Term Investment | 559,034 | 559,034 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $19,053,717 | $19,053,717 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-54
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMSMALL-CAP GROWTH
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.0% |
| |||||||
Basic Materials - 2.8% |
| |||||||
Kaiser Aluminum Corp | 3,628 | $359,063 | ||||||
PolyOne Corp | 9,368 | 305,865 | ||||||
Rogers Corp * | 1,790 | 244,711 | ||||||
|
| |||||||
909,639 | ||||||||
|
| |||||||
Communications - 6.0% |
| |||||||
NETGEAR Inc * | 10,240 | 329,933 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 7,021 | 300,078 | ||||||
Viavi Solutions Inc * | 30,508 | 427,264 | ||||||
Vonage Holdings Corp * | 42,989 | 485,776 | ||||||
Yelp Inc * | 11,007 | 382,493 | ||||||
|
| |||||||
1,925,544 | ||||||||
|
| |||||||
Consumer, Cyclical - 14.7% |
| |||||||
BJ’s Restaurants Inc | 7,874 | 305,826 | ||||||
BJ’s Wholesale Club Holdings Inc * | 17,879 | 462,530 | ||||||
Bloomin’ Brands Inc | 19,627 | 371,539 | ||||||
Dine Brands Global Inc | 3,652 | 277,041 | ||||||
G-III Apparel Group Ltd * | 9,856 | 253,989 | ||||||
KB Home | 6,501 | 221,034 | ||||||
Lithia Motors Inc ‘A’ | 3,583 | 474,318 | ||||||
PetIQ Inc * | 6,697 | 182,560 | ||||||
RH * | 1,568 | 267,862 | ||||||
SeaWorld Entertainment Inc * | 14,970 | 394,010 | ||||||
Shake Shack Inc ‘A’ * | 3,576 | 350,591 | ||||||
Sleep Number Corp * | 7,108 | 293,703 | ||||||
Steven Madden Ltd | 9,451 | 338,251 | ||||||
The Children’s Place Inc | 3,298 | 253,913 | ||||||
Wolverine World Wide Inc | 9,601 | 271,324 | ||||||
|
| |||||||
4,718,491 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 35.8% |
| |||||||
Aaron’s Inc | 5,812 | 373,479 | ||||||
Acadia Healthcare Co Inc * | 9,398 | 292,090 | ||||||
Amedisys Inc * | 3,129 | 409,930 | ||||||
Amicus Therapeutics Inc * | 28,132 | 225,619 | ||||||
AMN Healthcare Services Inc * | 6,421 | 369,593 | ||||||
Amphastar Pharmaceuticals Inc * | 9,117 | 180,790 | ||||||
Avanos Medical Inc * | 5,398 | 202,209 | ||||||
BioTelemetry Inc * | 7,491 | 305,108 | ||||||
Blueprint Medicines Corp * | 3,999 | 293,807 | ||||||
Cardtronics PLC ‘A’ * | 13,791 | 417,040 | ||||||
Chegg Inc * | 14,497 | 434,185 | ||||||
Esperion Therapeutics Inc * | 5,437 | 199,320 | ||||||
FibroGen Inc * | 6,210 | 229,646 | ||||||
Green Dot Corp ‘A’ * | 8,072 | 203,818 | ||||||
Harsco Corp * | 13,495 | 255,865 | ||||||
Heron Therapeutics Inc * | 13,822 | 255,707 | ||||||
Horizon Therapeutics PLC * | 24,320 | 662,234 | ||||||
Insperity Inc | 4,011 | 395,565 | ||||||
iRhythm Technologies Inc * | 4,532 | 335,867 | ||||||
J&J Snack Foods Corp | 2,079 | 399,168 | ||||||
LHC Group Inc * | 3,677 | 417,560 | ||||||
LivaNova PLC * | 4,747 | 350,281 | ||||||
LiveRamp Holdings Inc * | 6,763 | 290,538 | ||||||
Merit Medical Systems Inc * | 10,094 | 307,463 | ||||||
Myriad Genetics Inc * | 10,667 | 305,396 | ||||||
NuVasive Inc * | 5,838 | 370,012 | ||||||
Option Care Health Inc * | 55,752 | 178,406 | ||||||
Orthofix Medical Inc * | 6,601 | 349,985 | ||||||
Performance Food Group Co * | 12,339 | 567,717 | ||||||
PTC Therapeutics Inc * | 6,344 | 214,554 | ||||||
Quidel Corp * | 6,530 | 400,616 | ||||||
Revance Therapeutics Inc * | 11,618 | 151,034 | ||||||
Supernus Pharmaceuticals Inc * | 10,697 | 293,954 | ||||||
Syneos Health Inc * | 6,922 | 368,320 |
Shares | Value | |||||||
Ultragenyx Pharmaceutical Inc * | 6,119 | $ 261,771 | ||||||
Vanda Pharmaceuticals Inc * | 13,011 | 172,786 | ||||||
|
| |||||||
11,441,433 | ||||||||
|
| |||||||
Energy - 0.5% |
| |||||||
Matador Resources Co * | 9,818 | 162,292 | ||||||
|
| |||||||
Financial - 6.8% |
| |||||||
Blucora Inc * | 13,530 | 292,789 | ||||||
Deluxe Corp | 8,669 | 426,168 | ||||||
Essent Group Ltd | 8,715 | 415,444 | ||||||
Pacific Premier Bancorp Inc | 6,921 | 215,866 | ||||||
PS Business Parks Inc REIT | 2,312 | 420,668 | ||||||
Ryman Hospitality Properties Inc REIT | 5,008 | 409,705 | ||||||
|
| |||||||
2,180,640 | ||||||||
|
| |||||||
Industrial - 16.4% |
| |||||||
Aerojet Rocketdyne Holdings Inc * | 7,691 | 388,472 | ||||||
American Woodmark Corp * | 3,693 | 328,345 | ||||||
Astronics Corp * | 8,721 | 256,223 | ||||||
EnPro Industries Inc | 4,536 | 311,396 | ||||||
Generac Holdings Inc * | 7,575 | 593,425 | ||||||
Masonite International Corp * | 4,473 | 259,434 | ||||||
MasTec Inc * | 7,664 | 497,624 | ||||||
MYR Group Inc * | 8,437 | 263,994 | ||||||
OSI Systems Inc * | 2,586 | 262,634 | ||||||
Saia Inc * | 4,911 | 460,161 | ||||||
SPX Corp * | 12,993 | 519,850 | ||||||
Tetra Tech Inc | 4,904 | 425,471 | ||||||
US Concrete Inc * | 5,796 | 320,403 | ||||||
US Ecology Inc | 5,492 | 351,158 | ||||||
|
| |||||||
5,238,590 | ||||||||
|
| |||||||
Technology - 15.0% |
| |||||||
Allscripts Healthcare Solutions Inc * | 32,216 | 353,732 | ||||||
Benefitfocus Inc * | 6,246 | 148,717 | ||||||
Bottomline Technologies DE Inc * | 10,035 | 394,877 | ||||||
Cloudera Inc * | 30,043 | 266,181 | ||||||
CommVault Systems Inc * | 6,237 | 278,856 | ||||||
Cornerstone OnDemand Inc * | 9,614 | 527,040 | ||||||
Glu Mobile Inc * | 59,573 | 297,269 | ||||||
j2 Global Inc | 6,797 | 617,304 | ||||||
MaxLinear Inc * | 8,683 | 194,326 | ||||||
Qualys Inc * | 4,664 | 352,458 | ||||||
RealPage Inc * | 4,445 | 279,413 | ||||||
Silicon Laboratories Inc * | 4,237 | 471,790 | ||||||
SPS Commerce Inc * | 7,475 | 351,848 | ||||||
Virtusa Corp * | 7,271 | 261,901 | ||||||
|
| |||||||
4,795,712 | ||||||||
|
| |||||||
Total Common Stocks |
| 31,372,341 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.1% |
| |||||||
Money Market Fund - 2.1% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 672,480 | 672,480 | ||||||
|
| |||||||
Total Short-Term Investment |
| 672,480 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 32,044,821 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) |
| (38,708 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $32,006,113 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-55
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSMALL-CAP GROWTH
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-Cyclical | 35.8% | |||
Industrial | 16.4% | |||
Technology | 15.0% | |||
Consumer, Cyclical | 14.7% | |||
Financial | 6.8% | |||
Communications | 6.0% | |||
Others (each less than 3.0%) | 5.4% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $31,372,341 | $31,372,341 | $— | $— | |||||||||||||
Short-Term Investment | 672,480 | 672,480 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $32,044,821 | �� | $32,044,821 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-57 |
A-56
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2019 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing investments. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of September 30, 2019. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. | |
¥ | All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. | |
# | Securities purchased on a when-issued basis. Rates do not take effect until settlement date. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A under the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | |
» | Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. | |
± | Investments categorized as a significant unobservable input (Level 3). | |
Currency Abbreviations: | ||
USD | United States Dollar | |
Reference Rate Abbreviation: | ||
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
CDI | Chess Depositary Interests | |
GDR | Global Depositary Receipt | |
PIK | Payment In Kind | |
REIT | Real Estate Investment Trust |
Notes:
For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.
The countries listed in the Schedules of Investments are based on country of risk.
The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.
See Notes to Financial Statements
A-57
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2019 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Ultra Short Income | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments in affiliated mutual funds, at value | $240,251,775 | $348,473,547 | $1,080,294,125 | $843,148,773 | $306,639,768 | $— | ||||||||||||||||||||||||
Investments, at value (excluding derivatives) | — | — | — | — | — | 25,287,831 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | — | — | — | — | — | 120,367 | ||||||||||||||||||||||||
Fund shares sold | 36,871 | 545,361 | 457,409 | 219,727 | 64,825 | — | ||||||||||||||||||||||||
Securities sold | 165,453 | 94,030 | 353,557 | 389,865 | 777,589 | — | ||||||||||||||||||||||||
Due from adviser | 17,936 | 22,958 | 58,000 | 46,286 | 20,926 | 14,079 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 793 | 890 | 2,697 | 2,145 | 662 | 37,519 | ||||||||||||||||||||||||
Total Assets | 240,472,828 | 349,136,786 | 1,081,165,788 | 843,806,796 | 307,503,770 | 25,459,796 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 700,120 | 1,021,696 | 2,172,219 | 1,423,897 | 1,155,063 | — | ||||||||||||||||||||||||
Securities purchased | — | — | — | — | — | 250,000 | ||||||||||||||||||||||||
Accrued advisory fees | 39,734 | 57,461 | 178,481 | 139,133 | 50,737 | 5,150 | ||||||||||||||||||||||||
Accrued administration fees | 29,800 | 43,096 | 133,861 | 104,350 | 38,053 | 4,635 | ||||||||||||||||||||||||
Accrued support service expenses | 10,295 | 15,070 | 46,911 | 36,255 | 13,110 | 1,042 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | — | — | — | — | — | 2,744 | ||||||||||||||||||||||||
Accrued registration fees | 9,109 | 9,028 | 12,065 | 9,677 | 7,749 | — | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 15,939 | 23,305 | 71,820 | 55,160 | 19,648 | 995 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 5,202 | 6,267 | 16,953 | 11,848 | 3,563 | — | ||||||||||||||||||||||||
Accrued distribution fees | 6,762 | 8,243 | 23,915 | 17,712 | 6,000 | — | ||||||||||||||||||||||||
Accrued service fees | 9,525 | 13,969 | 43,202 | 33,787 | 12,095 | — | ||||||||||||||||||||||||
Accrued other | 19,586 | 27,335 | 81,792 | 63,364 | 23,886 | 6,085 | ||||||||||||||||||||||||
Total Liabilities | 846,072 | 1,225,470 | 2,781,219 | 1,895,183 | 1,329,904 | 270,651 | ||||||||||||||||||||||||
NET ASSETS | $239,626,756 | $347,911,316 | $1,078,384,569 | $841,911,613 | $306,173,866 | $25,189,145 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $229,152,616 | $329,670,779 | $947,069,141 | $713,204,553 | $251,572,377 | $25,158,791 | ||||||||||||||||||||||||
Undistributed/accumulated earnings (deficit) | 10,474,140 | 18,240,537 | 131,315,428 | 128,707,060 | 54,601,489 | 30,354 | ||||||||||||||||||||||||
NET ASSETS | $239,626,756 | $347,911,316 | $1,078,384,569 | $841,911,613 | $306,173,866 | $25,189,145 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $177,050,169 | $272,931,750 | $857,617,696 | $678,902,586 | $245,477,449 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 16,645,613 | 24,480,804 | 68,393,250 | 51,008,564 | 16,527,353 | |||||||||||||||||||||||||
Net Asset Value per share* | $10.64 | $11.15 | $12.54 | $13.31 | $14.85 | |||||||||||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.62 | 0.65 | 0.73 | 0.77 | 0.86 | |||||||||||||||||||||||||
Maximum offering price per share | $11.26 | $11.80 | $13.27 | $14.08 | $15.71 | |||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $54,573,330 | $66,923,199 | $194,199,290 | $143,807,348 | $48,206,949 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 5,286,811 | 6,179,256 | 15,864,735 | 11,121,038 | 3,371,627 | |||||||||||||||||||||||||
Net Asset Value per share* | $10.32 | $10.83 | $12.24 | $12.93 | $14.30 | |||||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||||
Net Assets | $12,591,559 | |||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,257,633 | |||||||||||||||||||||||||||||
Net Asset Value per share | $10.01 | |||||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $8,003,257 | $8,056,367 | $26,567,583 | $19,201,679 | $12,489,468 | $12,597,586 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 748,945 | 718,726 | 2,108,882 | 1,435,074 | 837,033 | 1,258,235 | ||||||||||||||||||||||||
Net Asset Value per share | $10.69 | $11.21 | $12.60 | $13.38 | $14.92 | $10.01 | ||||||||||||||||||||||||
Investments in affiliated mutual funds, at cost | $226,345,294 | $326,536,995 | $967,668,363 | $743,680,583 | $264,410,922 | $— | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | — | — | — | — | — | 25,257,977 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
See Notes to Financial Statements
B-1
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2019 (Unaudited)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds High Income | Pacific Funds Diversified Income | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $978,580,086 | $852,134,833 | $748,255,187 | $1,597,540,135 | $121,552,835 | $28,186,273 | ||||||||||||||||||||||||
Cash | 59,252 | 48,839 | 189,661 | 19,332,817 | 18,865 | 17,216 | ||||||||||||||||||||||||
Foreign currency held, at value | — | — | 5,028 | — | 629 | 14,023 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 5,134,921 | 5,465,342 | 6,253,045 | 3,868,772 | 1,700,516 | 106,705 | ||||||||||||||||||||||||
Fund shares sold | 4,221,829 | 4,164,989 | 6,473,476 | 6,766,224 | 98,038 | — | ||||||||||||||||||||||||
Securities sold | 7,781,495 | 7,342,829 | 2,303,022 | 91,203,212 | 156,851 | 151,332 | ||||||||||||||||||||||||
Due from adviser | 197,627 | 193,762 | 160,049 | 302,193 | 19,366 | 19,357 | ||||||||||||||||||||||||
Unfunded loan commitment appreciation | 1,563 | 3,906 | 5,054 | 23,045 | 61 | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 85,074 | 43,780 | 33,956 | 91,119 | 25,716 | 13,373 | ||||||||||||||||||||||||
Total Assets | 996,061,847 | 869,398,280 | 763,678,478 | 1,719,127,517 | 123,572,877 | 28,508,279 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 3,917,355 | 2,795,066 | 2,604,039 | 3,900,690 | 74,716 | — | ||||||||||||||||||||||||
Securities purchased | 12,794,573 | 27,951,842 | 26,071,965 | 133,598,934 | 864,029 | 148,884 | ||||||||||||||||||||||||
Income distributions | 83,963 | 371,828 | 438,502 | 621,527 | 1,090 | — | ||||||||||||||||||||||||
Accrued advisory fees | 316,749 | 338,394 | 351,658 | 831,841 | 60,753 | 8,091 | ||||||||||||||||||||||||
Accrued administration fees | 225,377 | 193,201 | 174,381 | 324,644 | 17,017 | 6,935 | ||||||||||||||||||||||||
Accrued support service expenses | 36,266 | 28,947 | 26,497 | 69,556 | 5,222 | 1,167 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 10,127 | 18,038 | 13,519 | 62,026 | 2,752 | 6,606 | ||||||||||||||||||||||||
Accrued registration fees | — | — | — | — | — | 15,055 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 50,155 | 42,035 | 38,581 | 132,124 | 7,292 | 587 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 1,457 | 1,331 | 1,276 | 4,051 | 196 | — | ||||||||||||||||||||||||
Accrued distribution fees | 5,561 | 7,138 | 8,211 | 17,737 | 312 | — | ||||||||||||||||||||||||
Accrued service fees | 8,417 | 7,680 | 5,944 | 13,941 | 377 | — | ||||||||||||||||||||||||
Accrued other | 58,929 | 53,771 | 51,194 | 224,172 | 13,583 | 10,683 | ||||||||||||||||||||||||
Unfunded loan commitment depreciation | — | — | — | 5,343 | — | — | ||||||||||||||||||||||||
Total Liabilities | 17,508,929 | 31,809,271 | 29,785,767 | 139,806,586 | 1,047,339 | 198,008 | ||||||||||||||||||||||||
NET ASSETS | $978,552,918 | $837,589,009 | $733,892,711 | $1,579,320,931 | $122,525,538 | $28,310,271 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $967,538,020 | $825,757,215 | $730,531,661 | $1,652,265,231 | $130,695,058 | $28,211,988 | ||||||||||||||||||||||||
Undistributed/accumulated earnings (deficit) | 11,014,898 | 11,831,794 | 3,361,050 | (72,944,300 | ) | (8,169,520 | ) | 98,283 | ||||||||||||||||||||||
NET ASSETS | $978,552,918 | $837,589,009 | $733,892,711 | $1,579,320,931 | $122,525,538 | $28,310,271 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $159,199,255 | $129,998,335 | $78,414,659 | $197,009,979 | $6,648,808 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 15,269,871 | 11,861,135 | 7,182,266 | 19,885,320 | 650,472 | |||||||||||||||||||||||||
Net Asset Value per share* | $10.43 | $10.96 | $10.92 | $9.91 | $10.22 | |||||||||||||||||||||||||
Sales Charge (1) | 0.32 | 0.49 | 0.48 | 0.31 | 0.45 | |||||||||||||||||||||||||
Maximum offering price per share | $10.75 | $11.45 | $11.40 | $10.22 | $10.67 | |||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $45,437,781 | $58,328,023 | $67,142,899 | $144,352,945 | $2,525,960 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,366,434 | 5,319,699 | 6,164,044 | 14,599,298 | 247,484 | |||||||||||||||||||||||||
Net Asset Value per share* | $10.41 | $10.96 | $10.89 | $9.89 | $10.21 | |||||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||||
Net Assets | $99,978,534 | $43,448,757 | $12,599,515 | $499,203,448 | $127,159 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 9,602,048 | 3,960,728 | 1,161,052 | 50,256,149 | 12,560 | |||||||||||||||||||||||||
Net Asset Value per share | $10.41 | $10.97 | $10.85 | $9.93 | $10.12 | |||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Net Assets | $38,281,165 | $28,102,482 | $107,431,437 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,479,065 | 2,829,611 | 10,613,180 | |||||||||||||||||||||||||||
Net Asset Value Per Share | $11.00 | $9.93 | $10.12 | |||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $673,937,348 | $567,532,729 | $575,735,638 | $710,652,077 | $5,792,174 | $28,310,271 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 64,616,327 | 51,665,388 | 52,726,195 | 71,394,553 | 566,227 | 2,821,257 | ||||||||||||||||||||||||
Net Asset Value per share | $10.43 | $10.98 | $10.92 | $9.95 | $10.23 | $10.03 | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $967,114,760 | $821,087,570 | $733,551,527 | $1,608,039,807 | $119,870,650 | $28,111,232 | ||||||||||||||||||||||||
Foreign currency held, at cost | — | — | 6,641 | — | 789 | 14,125 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
(1) | The Class A shares of Pacific Funds Short Duration Income and Pacific Funds Floating Rate Income are subject to a maximum 3.00%front-end sales charge. The Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25%front-end sales charge. |
See Notes to Financial Statements
B-2
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2019 (Unaudited)
Pacific Funds Large-Cap | Pacific Funds Large-Cap Value | Pacific Funds Small/Mid-Cap | Pacific Funds Small-Cap | Pacific Funds Small-Cap Value | Pacific Funds Small-Cap Growth | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $20,427,042 | $19,556,547 | $348,367,071 | $18,282,244 | $19,053,717 | $32,044,821 | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 25,284 | 26,937 | 216,540 | 18,954 | 36,473 | 13,986 | ||||||||||||||||||||||
Fund shares sold | 47,599 | 1,107 | 489,486 | 2,289 | 38,881 | 348 | ||||||||||||||||||||||
Securities sold | 164,435 | 85,419 | — | 166,240 | 772,562 | — | ||||||||||||||||||||||
Due from adviser | 7,933 | 7,868 | 52,605 | 8,045 | 7,594 | 7,303 | ||||||||||||||||||||||
Prepaid expenses and other assets | — | 173 | 713 | 128 | 325 | 501 | ||||||||||||||||||||||
Total Assets | 20,672,293 | 19,678,051 | 349,126,415 | 18,477,900 | 19,909,552 | 32,066,959 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 1,905 | — | 382,921 | 20,475 | — | 17,065 | ||||||||||||||||||||||
Securities purchased | 167,249 | 51,051 | 57,795 | 43,150 | 926,066 | — | ||||||||||||||||||||||
Accrued advisory fees | 7,655 | 8,808 | 214,547 | 11,427 | 11,370 | 19,977 | ||||||||||||||||||||||
Accrued administration fees | 4,929 | 4,715 | 85,056 | 4,499 | 4,161 | 5,103 | ||||||||||||||||||||||
Accrued support service expenses | 884 | 801 | 15,257 | 781 | 723 | 1,388 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 375 | 592 | 5,026 | 427 | 496 | 977 | ||||||||||||||||||||||
Accrued registration fees | 7,261 | 7,581 | 10,007 | 8,930 | 7,880 | 7,708 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 1,285 | 1,261 | 21,753 | 1,179 | 1,145 | 2,278 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 42 | �� | 51 | 634 | 41 | 47 | 107 | |||||||||||||||||||||
Accrued distribution fees | 456 | 416 | 1,727 | 114 | 143 | 106 | ||||||||||||||||||||||
Accrued service fees | 514 | 331 | 1,406 | 222 | 111 | 160 | ||||||||||||||||||||||
Accrued other | 4,241 | 4,188 | 32,664 | 4,322 | 4,218 | 5,977 | ||||||||||||||||||||||
Total Liabilities | 196,796 | 79,795 | 828,793 | 95,567 | 956,360 | 60,846 | ||||||||||||||||||||||
NET ASSETS | $20,475,497 | $19,598,256 | $348,297,622 | $18,382,333 | $18,953,192 | $32,006,113 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $16,916,199 | $14,065,932 | $320,609,967 | $17,342,232 | $17,290,330 | $29,904,242 | ||||||||||||||||||||||
Undistributed/accumulated earnings (deficit) | 3,559,298 | 5,532,324 | 27,687,655 | 1,040,101 | 1,662,862 | 2,101,871 | ||||||||||||||||||||||
NET ASSETS | $20,475,497 | $19,598,256 | $348,297,622 | $18,382,333 | $18,953,192 | $32,006,113 | ||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $8,864,301 | $4,687,394 | $20,219,404 | $4,458,130 | $1,541,449 | $3,012,123 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 678,668 | 406,559 | 1,551,856 | 373,154 | 163,167 | 266,040 | ||||||||||||||||||||||
Net Asset Value per share* | $13.06 | $11.53 | $13.03 | $11.95 | $9.45 | $11.32 | ||||||||||||||||||||||
Sales Charge — Maximum is 4.25% of offering price | 0.58 | 0.51 | 0.58 | 0.53 | 0.42 | 0.50 | ||||||||||||||||||||||
Maximum offering price per share | $13.64 | $12.04 | $13.61 | $12.48 | $9.87 | $11.82 | ||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $3,756,571 | $3,386,941 | $14,010,725 | $924,687 | $1,161,040 | $861,871 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 290,041 | 296,590 | 1,106,346 | 78,914 | 125,605 | 78,495 | ||||||||||||||||||||||
Net Asset Value per share* | $12.95 | $11.42 | $12.66 | $11.72 | $9.24 | $10.98 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Net Assets | $21,118,304 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,845,402 | |||||||||||||||||||||||||||
Net Asset Value Per Share | $11.44 | |||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||
Net Assets | $6,977,410 | $10,792,141 | $307,878,950 | $12,416,786 | $13,085,301 | $5,033,156 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 529,518 | 931,897 | 23,449,528 | 1,021,409 | 1,374,077 | 439,658 | ||||||||||||||||||||||
Net Asset Value per share | $13.18 | $11.58 | $13.13 | $12.16 | $9.52 | $11.45 | ||||||||||||||||||||||
Class S: | ||||||||||||||||||||||||||||
Net Assets | $877,215 | $731,780 | $6,188,543 | $582,730 | $3,165,402 | $1,980,659 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 67,833 | 63,648 | 470,879 | 52,322 | 333,652 | 172,435 | ||||||||||||||||||||||
Net Asset Value per share | $12.93 | $11.50 | $13.14 | $11.14 | $9.49 | $11.49 | ||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $16,861,915 | $15,800,577 | $314,699,507 | $16,545,744 | $17,341,984 | $27,874,106 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
See Notes to Financial Statements
B-3
Table of Contents
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Ultra Short Income (1) | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $— | $— | $— | $— | $— | $16,475 | ||||||||||||||||||||||||
Dividends from affiliated mutual fund investments | 719,500 | 918,159 | 1,805,319 | 923,434 | 48,085 | — | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | — | — | — | 157,910 | ||||||||||||||||||||||||
Total Investment Income | 719,500 | 918,159 | 1,805,319 | 923,434 | 48,085 | 174,385 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 247,386 | 360,099 | 1,118,008 | 864,732 | 311,475 | 16,265 | ||||||||||||||||||||||||
Administration fees | 185,540 | 270,074 | 838,506 | 648,549 | 233,606 | 14,640 | ||||||||||||||||||||||||
Support services expenses | 21,187 | 30,972 | 95,917 | 73,884 | 26,301 | 1,042 | ||||||||||||||||||||||||
Custodian fees and expenses | — | — | — | — | — | 2,744 | ||||||||||||||||||||||||
Shareholder report expenses | 11,779 | 17,221 | 53,329 | 41,078 | 14,622 | 580 | ||||||||||||||||||||||||
Distribution fees (2) | ||||||||||||||||||||||||||||||
Class B (3) | 38,963 | 64,572 | 210,153 | 156,322 | 49,861 | |||||||||||||||||||||||||
Class C | 340,317 | 419,883 | 1,179,609 | 849,146 | 276,359 | |||||||||||||||||||||||||
Service fees (2) | ||||||||||||||||||||||||||||||
Class A | 173,838 | 279,143 | 900,770 | 722,173 | 265,986 | |||||||||||||||||||||||||
Class B (3) | 12,988 | 21,524 | 70,051 | 52,107 | 16,620 | |||||||||||||||||||||||||
Class C | 113,439 | 139,961 | 393,203 | 283,049 | 92,120 | |||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 9,169 | 13,405 | 41,513 | 31,977 | 11,383 | 451 | ||||||||||||||||||||||||
Registration fees | 37,626 | 37,433 | 45,562 | 42,932 | 37,652 | 15,056 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 16,277 | 23,805 | 73,802 | 56,889 | 20,328 | 1,004 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 6,324 | 9,245 | 28,624 | 22,046 | 7,842 | 296 | ||||||||||||||||||||||||
Offering expenses | — | — | — | — | — | 9,547 | ||||||||||||||||||||||||
Other (4) | 6,251 | 8,066 | 20,313 | 16,144 | 7,139 | 5,164 | ||||||||||||||||||||||||
Total Expenses | 1,221,084 | 1,695,403 | 5,069,360 | 3,861,028 | 1,371,294 | 66,789 | ||||||||||||||||||||||||
Adviser Expense Reimbursement | (108,613 | ) | (140,147 | ) | (359,060 | ) | (284,950 | ) | (125,266 | ) | (45,969 | ) | ||||||||||||||||||
Net Expenses | 1,112,471 | 1,555,256 | 4,710,300 | 3,576,078 | 1,246,028 | 20,820 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (392,971 | ) | (637,097 | ) | (2,904,981 | ) | (2,652,644 | ) | (1,197,943 | ) | 153,565 | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | — | — | — | — | — | (274 | ) | |||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | (239,593 | ) | 212,067 | (1,089,952 | ) | 3,084,798 | 1,318,087 | — | ||||||||||||||||||||||
Net Realized Gain (Loss) | (239,593 | ) | 212,067 | (1,089,952 | ) | 3,084,798 | 1,318,087 | (274 | ) | |||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | — | — | — | — | — | 29,854 | ||||||||||||||||||||||||
Investment securities in affiliated mutual fund investments | 9,999,844 | 14,726,921 | 51,289,448 | 34,878,539 | 12,607,151 | — | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 9,999,844 | 14,726,921 | 51,289,448 | 34,878,539 | 12,607,151 | 29,854 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 9,760,251 | 14,938,988 | 50,199,496 | 37,963,337 | 13,925,238 | 29,580 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $9,367,280 | $14,301,891 | $47,294,515 | $35,310,693 | $12,727,295 | $183,145 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $— | $— | $— | $— | $724 |
(1) | Pacific Funds Ultra Short Income commenced operations on June 28, 2019. |
(2) | The Advisor Class shares are not subject to distribution and service fees. |
(3) | Class B shares were converted to Class A shares on July 31, 2019. |
(4) | Other expense for the Pacific Funds Ultra Short Income includes $4,485 of accounting fees. |
See Notes to Financial Statements
B-4
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THESIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds High Income | Pacific Funds Diversified Income(1) | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $407,337 | $466,337 | $664,960 | $943,948 | $109,189 | $162,677 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 13,995,056 | 13,080,580 | 15,697,660 | 48,407,533 | 3,690,918 | 85,171 | ||||||||||||||||||||||||
Total Investment Income | 14,402,393 | 13,546,917 | 16,362,620 | 49,351,481 | 3,800,107 | 247,848 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 1,748,800 | 1,805,537 | 1,948,916 | 5,438,656 | 373,757 | 25,422 | ||||||||||||||||||||||||
Administration fees | 1,240,659 | 1,028,027 | 967,595 | 2,110,519 | 103,819 | 21,791 | ||||||||||||||||||||||||
Support services expenses | 66,636 | 54,883 | 51,187 | 145,308 | 10,617 | 1,167 | ||||||||||||||||||||||||
Custodian fees and expenses | 7,603 | 12,288 | 9,958 | 44,673 | 1,758 | 6,606 | ||||||||||||||||||||||||
Shareholder report expenses | 37,050 | 30,514 | 28,459 | 80,788 | 5,902 | 650 | ||||||||||||||||||||||||
Distribution fees (2) | ||||||||||||||||||||||||||||||
Class C | 174,370 | 278,015 | 238,362 | 666,131 | 12,155 | — | ||||||||||||||||||||||||
Service fees (2) | ||||||||||||||||||||||||||||||
Class A | 171,951 | 127,163 | 85,181 | 246,598 | 7,391 | — | ||||||||||||||||||||||||
Class C | 58,123 | 92,672 | 79,454 | 222,044 | 4,052 | — | ||||||||||||||||||||||||
Transfer agencyout-of-pocket expenses | 28,840 | 23,754 | 22,153 | 62,888 | 4,595 | 505 | ||||||||||||||||||||||||
Registration fees | 55,350 | 42,798 | 52,784 | 71,869 | 28,063 | 15,056 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 52,644 | 43,023 | 39,937 | 136,886 | 8,166 | 1,123 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 18,897 | 15,563 | 14,513 | 41,187 | 3,009 | 332 | ||||||||||||||||||||||||
Offering expenses | — | — | — | — | — | 9,547 | ||||||||||||||||||||||||
Interest expense | — | — | — | 255,484 | — | — | ||||||||||||||||||||||||
Other (3) | 22,880 | 21,438 | 23,202 | 42,662 | 10,971 | 9,614 | ||||||||||||||||||||||||
Total Expenses | 3,683,803 | 3,575,675 | 3,561,701 | 9,565,693 | 574,255 | 91,813 | ||||||||||||||||||||||||
Advisory Fee Waiver | — | — | — | (84,179 | ) | — | — | |||||||||||||||||||||||
Adviser Expense Reimbursement | (1,093,359 | ) | (1,047,768 | ) | (903,148 | ) | (2,086,950 | ) | (115,417 | ) | (59,127 | ) | ||||||||||||||||||
Net Expenses | 2,590,444 | 2,527,907 | 2,658,553 | 7,394,564 | 458,838 | 32,686 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 11,811,949 | 11,019,010 | 13,704,067 | 41,956,917 | 3,341,269 | 215,162 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 1,949,844 | 3,486,410 | (1,072,950 | ) | (7,537,695 | ) | (97,632 | ) | 17,186 | |||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | 3,018 | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 1,949,844 | 3,486,410 | (1,072,950 | ) | (7,537,695 | ) | (97,632 | ) | 20,204 | |||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 8,137,225 | 25,657,550 | 19,887,672 | 14,054,052 | 1,971,633 | 75,041 | ||||||||||||||||||||||||
Foreign currencies | — | — | 42 | — | 5 | (136 | ) | |||||||||||||||||||||||
Unfunded loan commitments | 1,563 | 3,906 | 5,054 | 61,842 | 61 | — | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 8,138,788 | 25,661,456 | 19,892,768 | 14,115,894 | 1,971,699 | 74,905 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 10,088,632 | 29,147,866 | 18,819,818 | 6,578,199 | 1,874,067 | 95,109 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $21,900,581 | $40,166,876 | $32,523,885 | $48,535,116 | $5,215,336 | $310,271 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $7,057 | $4,725 | $408 | $— | $27 | $3,581 |
(1) | Pacific Funds Diversified Income commenced operations on June 28, 2019. |
(2) | The Class I, Class P, and the Advisor Class shares are not subject to distribution and service fees. |
(3) | Other expenses for the Pacific Funds Diversified Income includes $8,949 of accounting fees. |
See Notes to Financial Statements
B-5
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
Pacific Funds Large-Cap | Pacific Funds Large-Cap Value | Pacific Funds Small/Mid-Cap | Pacific Funds Small-Cap | Pacific Funds Small-Cap Value | Pacific Funds Small-Cap Growth | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $202,393 | $232,191 | $2,291,658 | $121,504 | $180,424 | $93,696 | ||||||||||||||||||||||||
Total Investment Income | 202,393 | 232,191 | 2,291,658 | 121,504 | 180,424 | 93,696 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 56,647 | 57,081 | 1,443,096 | 75,620 | 70,819 | 134,715 | ||||||||||||||||||||||||
Administration fees | 30,482 | 28,089 | 536,965 | 27,932 | 24,283 | 32,165 | ||||||||||||||||||||||||
Support services expenses | 1,715 | 1,584 | 30,661 | 1,605 | 1,448 | 2,891 | ||||||||||||||||||||||||
Custodian fees and expenses | 270 | 403 | 3,414 | 348 | 402 | 782 | ||||||||||||||||||||||||
Shareholder report expenses | 954 | 880 | 17,047 | 892 | 805 | 1,607 | ||||||||||||||||||||||||
Distribution fees (1) | ||||||||||||||||||||||||||||||
Class C | 14,921 | 12,968 | 58,919 | 3,544 | 4,625 | 3,569 | ||||||||||||||||||||||||
Service fees (1) | ||||||||||||||||||||||||||||||
Class A | 10,884 | 5,697 | 26,274 | 5,940 | 1,706 | 3,818 | ||||||||||||||||||||||||
Class C | 4,974 | 4,323 | 19,640 | 1,182 | 1,541 | 1,190 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 742 | 685 | 13,270 | 694 | 627 | 1,252 | ||||||||||||||||||||||||
Registration fees | 26,510 | 26,510 | 35,678 | 28,010 | 27,009 | 27,018 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 1,336 | 1,230 | 23,665 | 1,234 | 1,121 | 2,219 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 486 | 449 | 8,692 | 455 | 411 | 820 | ||||||||||||||||||||||||
Other | 3,522 | 3,498 | 14,531 | 3,929 | 3,745 | 4,261 | ||||||||||||||||||||||||
Total Expenses | 153,443 | 143,397 | 2,231,852 | 151,385 | 138,542 | 216,307 | ||||||||||||||||||||||||
Advisory Fee Waiver | (4,956 | ) | — | — | — | — | — | |||||||||||||||||||||||
Adviser Expense Reimbursement | (45,552 | ) | (44,603 | ) | (324,318 | ) | (46,317 | ) | (42,849 | ) | (41,657 | ) | ||||||||||||||||||
Net Expenses | 102,935 | 98,794 | 1,907,534 | 105,068 | 95,693 | 174,650 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 99,458 | 133,397 | 384,124 | 16,436 | 84,731 | (80,954 | ) | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 174,606 | 639,362 | 1,294,809 | 30,539 | 366,875 | 341,489 | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 174,606 | 639,362 | 1,294,809 | 30,539 | 366,875 | 341,489 | ||||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 655,585 | 312,227 | (1,269,136 | ) | (295,976 | ) | 218,840 | (2,096,421 | ) | |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 655,585 | 312,227 | (1,269,136 | ) | (295,976 | ) | 218,840 | (2,096,421 | ) | |||||||||||||||||||||
NET GAIN (LOSS) | 830,191 | 951,589 | 25,673 | (265,437 | ) | 585,715 | (1,754,932 | ) | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $929,649 | $1,084,986 | $409,797 | ($249,001 | ) | $670,446 | ($1,835,886 | ) | ||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $182 | $28 | $— | $— | $— | $— |
(1) | The Class P, Advisor, and Class S shares are not subject to distribution and service fees. |
See Notes to Financial Statements
B-6
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
Pacific Funds Portfolio Optimization Conservative | Pacific Funds Portfolio Optimization Moderate-Conservative | Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($392,971 | ) | $4,003,570 | ($637,097 | ) | $4,918,107 | ($2,904,981 | ) | $10,407,470 | |||||||||||||||||||||||||||||
Net realized gain (loss) | (239,593 | ) | 8,999,746 | 212,067 | 26,569,697 | (1,089,952 | ) | 109,430,792 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 9,999,844 | (9,753,514 | ) | 14,726,921 | (26,777,500 | ) | 51,289,448 | (97,037,490 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 9,367,280 | 3,249,802 | 14,301,891 | 4,710,304 | 47,294,515 | 22,800,772 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings | ||||||||||||||||||||||||||||||||||||||
Class A | — | (12,592,979 | ) | — | (33,217,964 | ) | — | (112,777,136 | ) | |||||||||||||||||||||||||||||
Class B | — | (1,853,035 | ) | — | (4,924,308 | ) | — | (16,690,844 | ) | |||||||||||||||||||||||||||||
Class C | — | (12,087,506 | ) | — | (23,842,136 | ) | — | (71,737,804 | ) | |||||||||||||||||||||||||||||
Class R | — | (468,143 | ) | — | (814,614 | ) | — | (3,856,053 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (827,847 | ) | — | (1,073,763 | ) | — | (4,965,609 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (27,829,510 | ) | — | (63,872,785 | ) | — | (210,027,446 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 55,537,617 | 17,040,286 | 72,444,628 | 22,266,413 | 190,552,944 | 67,659,104 | ||||||||||||||||||||||||||||||||
Class B | 60,979 | 644,833 | 62 | 298,059 | 204,522 | 811,986 | ||||||||||||||||||||||||||||||||
Class C | 3,898,435 | 10,935,788 | 3,216,852 | 10,682,389 | 7,957,024 | 24,399,313 | ||||||||||||||||||||||||||||||||
Class R | 659,721 | 620,066 | 3,956,944 | |||||||||||||||||||||||||||||||||||
Advisor Class | 1,899,685 | 3,309,815 | 1,474,680 | 5,901,913 | 3,273,490 | 17,181,484 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 12,486,167 | — | 32,858,005 | — | 111,916,625 | ||||||||||||||||||||||||||||||||
Class B | — | 1,805,246 | — | 4,801,673 | — | 16,476,006 | ||||||||||||||||||||||||||||||||
Class C | — | 11,921,411 | — | 23,453,860 | — | 70,315,954 | ||||||||||||||||||||||||||||||||
Class R | 468,241 | 814,614 | 3,856,053 | |||||||||||||||||||||||||||||||||||
Advisor Class | — | 792,027 | — | 1,064,963 | — | 4,839,682 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (18,963,021 | ) | (33,270,001 | ) | (30,417,874 | ) | (57,777,975 | ) | (90,580,502 | ) | (141,741,982 | ) | ||||||||||||||||||||||||||
Class B | (2,780,740 | ) | (8,717,936 | ) | (6,205,998 | ) | (11,484,193 | ) | (17,119,821 | ) | (31,961,495 | ) | ||||||||||||||||||||||||||
Class C | (64,030,043 | ) | (37,513,896 | ) | (77,399,000 | ) | (49,618,847 | ) | (209,082,471 | ) | (113,479,765 | ) | ||||||||||||||||||||||||||
Class R | (1,421,688 | ) | (836,162 | ) | (6,285,146 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | (1,073,208 | ) | (4,658,762 | ) | (1,436,357 | ) | (3,480,671 | ) | (4,849,601 | ) | (13,708,609 | ) | ||||||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||||||||
Class A (2) (3) | 14,289,154 | 4,294,105 | 22,496,950 | 4,987,595 | 76,126,118 | 22,187,993 | ||||||||||||||||||||||||||||||||
Class B (2) | (14,289,154 | ) | — | (22,496,950 | ) | — | (76,126,118 | ) | — | |||||||||||||||||||||||||||||
Class R (3) |
|
| (4,294,105 | ) |
|
| (4,987,595 | ) |
|
| (22,187,993 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (25,450,296 | ) | (25,518,748 | ) | (38,323,007 | ) | (20,435,893 | ) | (119,644,415 | ) | 14,236,154 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (16,083,016 | ) | (50,098,456 | ) | (24,021,116 | ) | (79,598,374 | ) | (72,349,900 | ) | (172,990,520 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 255,709,772 | 305,808,228 | 371,932,432 | 451,530,806 | 1,150,734,469 | 1,323,724,989 | ||||||||||||||||||||||||||||||||
End of Year or Period | $239,626,756 | $255,709,772 | $347,911,316 | $371,932,432 | $1,078,384,569 | $1,150,734,469 |
(1) | Unaudited. |
(2) | Class B shares were converted to Class A shares on July 31, 2019. |
(3) | Class R shares were converted to Class A shares on March 22, 2019. |
See Notes to Financial Statements
B-7
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Portfolio Optimization Growth | Pacific Funds Portfolio Optimization Aggressive-Growth | Pacific Funds Ultra Short Income | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Period Ended September 30, 2019 (1) (2) | ||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($2,652,644 | ) | $5,031,109 | ($1,197,943 | ) | $1,096,862 | $153,565 | |||||||||||||||||||||||||||||||
Net realized gain (loss) | 3,084,798 | 116,508,679 | 1,318,087 | 50,537,474 | (274 | ) | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 34,878,539 | (99,596,050 | ) | 12,607,151 | (42,365,388 | ) | 29,854 | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 35,310,693 | 21,943,738 | 12,727,295 | 9,268,948 | 183,145 | |||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings | ||||||||||||||||||||||||||||||||||||||
Class A | — | (99,899,454 | ) | — | (34,560,435 | ) | ||||||||||||||||||||||||||||||||
Class B | — | (13,714,779 | ) | — | (4,182,986 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (54,931,185 | ) | — | (16,772,422 | ) | ||||||||||||||||||||||||||||||||
Class R | (2,517,415 | ) | (1,055,968 | ) | ||||||||||||||||||||||||||||||||||
Class I | (76,384 | ) | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | (4,602,497 | ) | — | (2,356,107 | ) | (76,407 | ) | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (175,665,330 | ) | — | (58,927,918 | ) | (152,791 | ) | ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 134,943,099 | 53,017,761 | 42,651,305 | 21,090,137 | ||||||||||||||||||||||||||||||||||
Class B | 154,946 | 641,777 | 42,567 | 319,857 | ||||||||||||||||||||||||||||||||||
Class C | 7,279,735 | 19,642,987 | 3,166,741 | 8,385,039 | ||||||||||||||||||||||||||||||||||
Class R | 1,826,895 | 1,045,959 | ||||||||||||||||||||||||||||||||||||
Class I | 12,500,000 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 3,622,662 | 15,584,736 | 2,619,993 | 6,990,405 | 12,506,000 | |||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 99,254,420 | — | 34,287,460 | ||||||||||||||||||||||||||||||||||
Class B | — | 13,510,901 | — | 4,169,079 | ||||||||||||||||||||||||||||||||||
Class C | — | 54,318,779 | — | 16,485,319 | ||||||||||||||||||||||||||||||||||
Class R | 2,517,415 | 1,055,968 | ||||||||||||||||||||||||||||||||||||
Class I | 76,384 | |||||||||||||||||||||||||||||||||||||
Advisor Class | — | 4,350,180 | — | 2,321,572 | 76,407 | |||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (64,687,101 | ) | (106,383,272 | ) | (17,442,470 | ) | (29,140,734 | ) | ||||||||||||||||||||||||||||||
Class B | (11,696,472 | ) | (24,161,042 | ) | (3,188,133 | ) | (6,974,878 | ) | ||||||||||||||||||||||||||||||
Class C | (144,588,974 | ) | (71,029,532 | ) | (43,713,123 | ) | (22,731,074 | ) | ||||||||||||||||||||||||||||||
Class R | (4,117,896 | ) | (2,882,205 | ) | ||||||||||||||||||||||||||||||||||
Class I | — | |||||||||||||||||||||||||||||||||||||
Advisor Class | (4,694,173 | ) | (12,372,320 | ) | (1,497,468 | ) | (6,533,420 | ) | — | |||||||||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||||||||
Class A (3) (4) | 57,500,119 | 13,475,454 | 18,773,764 | 5,855,112 | ||||||||||||||||||||||||||||||||||
Class B (3) | (57,500,119 | ) | — | (18,773,764 | ) | — | ||||||||||||||||||||||||||||||||
Class R (4) |
|
| (13,475,454 | ) |
|
| (5,855,112 | ) |
|
| ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (79,666,278 | ) | 46,601,789 | (17,360,588 | ) | 27,888,484 | 25,158,791 | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (44,355,585 | ) | (107,119,803 | ) | (4,633,293 | ) | (21,770,486 | ) | 25,189,145 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 886,267,198 | 993,387,001 | 310,807,159 | 332,577,645 | — | |||||||||||||||||||||||||||||||||
End of Year or Period | $841,911,613 | $886,267,198 | $306,173,866 | $310,807,159 | $25,189,145 |
(1) | Unaudited. |
(2) | Pacific Funds Ultra Short Income commenced operations on June 28, 2019. |
(3) | Class B shares were converted to Class A shares on July 31, 2019. |
(4) | Class R shares were converted to Class A shares on March 22, 2019. |
See Notes to Financial Statements
B-8
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $11,811,949 | $13,656,044 | $11,019,010 | $20,638,993 | $13,704,067 | $25,647,966 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 1,949,844 | (868,315 | ) | 3,486,410 | (7,715,010 | ) | (1,072,950 | ) | (2,204,849 | ) | ||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 8,138,788 | 6,040,386 | 25,661,456 | 10,264,861 | 19,892,768 | (3,625,115 | ) | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 21,900,581 | 18,828,115 | 40,166,876 | 23,188,844 | 32,523,885 | 19,818,002 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
| |||||||||||||||||||||||||||||||||||||
Total distributable earnings | ||||||||||||||||||||||||||||||||||||||
Class A | (1,788,041 | ) | (2,288,424 | ) | (1,491,635 | ) | (3,145,957 | ) | (1,421,457 | ) | (2,887,137 | ) | ||||||||||||||||||||||||||
Class C | (414,102 | ) | (761,316 | ) | (800,410 | ) | (2,167,183 | ) | (1,110,792 | ) | (2,122,133 | ) | ||||||||||||||||||||||||||
Class I | (1,326,425 | ) | (1,010,121 | ) | (562,240 | ) | (502,503 | ) | (212,189 | ) | (229,143 | ) | ||||||||||||||||||||||||||
Class P | (629,075 | ) | (1,845,313 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (8,420,907 | ) | (9,439,029 | ) | (7,726,273 | ) | (13,013,000 | ) | (11,290,300 | ) | (20,322,895 | ) | ||||||||||||||||||||||||||
Net Decrease from Dividends and | (11,949,475 | ) | (13,498,890 | ) | (11,209,633 | ) | (20,673,956 | ) | (14,034,738 | ) | (25,561,308 | ) | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 53,035,753 | 70,623,211 | 61,412,201 | 18,564,517 | 25,438,423 | 24,665,776 | ||||||||||||||||||||||||||||||||
Class C | 10,314,606 | 15,901,633 | 10,083,827 | 7,830,292 | 17,272,287 | 16,877,365 | ||||||||||||||||||||||||||||||||
Class I | 29,801,052 | 84,288,064 | 18,646,928 | 23,761,756 | 7,622,855 | 2,795,211 | ||||||||||||||||||||||||||||||||
Class P | 144,437 | 5,903,182 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 333,341,931 | 384,985,237 | 223,949,293 | 210,403,956 | 180,872,706 | 285,918,426 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 1,487,377 | 2,000,466 | 1,406,663 | 2,830,461 | 1,221,190 | 2,432,833 | ||||||||||||||||||||||||||||||||
Class C | 407,672 | 726,149 | 744,651 | 1,967,047 | 997,866 | 1,826,650 | ||||||||||||||||||||||||||||||||
Class I | 1,325,869 | 1,009,574 | 561,518 | 501,767 | 209,379 | 226,671 | ||||||||||||||||||||||||||||||||
Class P | 629,075 | 1,845,313 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 8,250,398 | 8,986,733 | 5,711,631 | 9,198,335 | 8,861,744 | 15,471,909 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (15,781,692 | ) | (48,667,567 | ) | (19,038,134 | ) | (71,051,776 | ) | (11,697,322 | ) | (36,906,963 | ) | ||||||||||||||||||||||||||
Class C | (12,003,256 | ) | (15,125,797 | ) | (36,854,336 | ) | (29,915,702 | ) | (11,594,753 | ) | (16,886,426 | ) | ||||||||||||||||||||||||||
Class I | (15,689,038 | ) | (6,860,042 | ) | (3,524,122 | ) | (2,653,440 | ) | (1,236,831 | ) | (1,123,649 | ) | ||||||||||||||||||||||||||
Class P | (4,692,745 | ) | (33,707,701 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (157,902,820 | ) | (186,314,605 | ) | (74,602,896 | ) | (216,921,483 | ) | (84,879,203 | ) | (245,658,070 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 236,587,852 | 311,553,056 | 184,577,991 | (71,443,476 | ) | 133,088,341 | 49,639,733 | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 246,538,958 | 316,882,281 | 213,535,234 | (68,928,588 | ) | 151,577,488 | 43,896,427 | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 732,013,960 | 415,131,679 | 624,053,775 | 692,982,363 | 582,315,223 | 538,418,796 | ||||||||||||||||||||||||||||||||
End of Year or Period | $978,552,918 | $732,013,960 | $837,589,009 | $624,053,775 | $733,892,711 | $582,315,223 |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Floating Rate Income | Pacific Funds High Income | Pacific Funds Diversified Income | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Period Ended September 30, 2019 (1) (2) | ||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $41,956,917 | $89,321,214 | $3,341,269 | $3,977,048 | $215,162 | |||||||||||||||||||||||||||||||||
Net realized gain (loss) | (7,537,695 | ) | (16,678,087 | ) | (97,632 | ) | (1,030,376 | ) | 20,204 | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 14,115,894 | (28,107,047 | ) | 1,971,699 | 86,556 | 74,905 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 48,535,116 | 44,536,080 | 5,215,336 | 3,033,228 | 310,271 | |||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings | ||||||||||||||||||||||||||||||||||||||
Class A | (5,047,812 | ) | (10,451,833 | ) | (155,071 | ) | (292,486 | ) | ||||||||||||||||||||||||||||||
Class C | (3,939,861 | ) | (8,439,626 | ) | (72,159 | ) | (195,304 | ) | ||||||||||||||||||||||||||||||
Class I | (12,996,204 | ) | (23,883,146 | ) | (4,027 | ) | (11,349 | ) | ||||||||||||||||||||||||||||||
Class P | (777,632 | ) | (2,709,538 | ) | (3,042,926 | ) | (3,340,878 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (19,625,212 | ) | (44,322,870 | ) | (132,204 | ) | (148,700 | ) | (211,988 | ) | ||||||||||||||||||||||||||||
Net Decrease from Dividends and | (42,386,721 | ) | (89,807,013 | ) | (3,406,387 | ) | (3,988,717 | ) | (211,988 | ) | ||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 47,038,537 | 104,234,100 | 2,446,919 | 3,220,786 | ||||||||||||||||||||||||||||||||||
Class C | 11,265,251 | 56,249,918 | 64,019 | 716,716 | ||||||||||||||||||||||||||||||||||
Class I | 69,088,899 | 418,708,224 | 300 | 42,055 | ||||||||||||||||||||||||||||||||||
Class P | 171,832 | 2,293,667 | 538,014 | 65,198,232 | ||||||||||||||||||||||||||||||||||
Advisor Class | 142,722,811 | 654,273,775 | 2,302,720 | 2,682,948 | 28,000,000 | |||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 4,781,054 | 9,440,707 | 152,189 | 284,987 | ||||||||||||||||||||||||||||||||||
Class C | 3,792,088 | 7,744,275 | 69,777 | 188,590 | ||||||||||||||||||||||||||||||||||
Class I | 9,394,129 | 14,404,875 | 3,995 | 11,283 | ||||||||||||||||||||||||||||||||||
Class P | 771,703 | 2,709,538 | 3,042,926 | 3,340,878 | ||||||||||||||||||||||||||||||||||
Advisor Class | 18,679,899 | 39,800,982 | 131,575 | 146,871 | 211,988 | |||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (58,156,574 | ) | (114,633,080 | ) | (1,206,632 | ) | (3,703,876 | ) | ||||||||||||||||||||||||||||||
Class C | (68,437,617 | ) | (53,193,064 | ) | (1,384,222 | ) | (1,528,238 | ) | ||||||||||||||||||||||||||||||
Class I | (78,345,379 | ) | (219,420,364 | ) | (54,750 | ) | (85,863 | ) | ||||||||||||||||||||||||||||||
Class P | (5,150,641 | ) | (36,334,229 | ) | (11,077,392 | ) | (23,286,646 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (284,417,560 | ) | (555,917,071 | ) | (373,949 | ) | (1,650,968 | ) | — | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (186,801,568 | ) | 330,362,253 | (5,344,511 | ) | 45,577,755 | 28,211,988 | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (180,653,173 | ) | 285,091,320 | (3,535,562 | ) | 44,622,266 | 28,310,271 | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 1,759,974,104 | 1,474,882,784 | 126,061,100 | 81,438,834 | — | |||||||||||||||||||||||||||||||||
End of Year or Period | $1,579,320,931 | $1,759,974,104 | $122,525,538 | $126,061,100 | $28,310,271 |
(1) | Unaudited. |
(2) | Pacific Funds Diversified Income commenced operations on June 28, 2019. |
See Notes to Financial Statements
B-10
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific FundsLarge-Cap | Pacific Funds Large-Cap Value | Pacific FundsSmall/Mid-Cap | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $99,458 | $171,856 | $133,397 | $377,614 | $384,124 | $141,506 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 174,606 | 255,129 | 639,362 | 1,566,245 | 1,294,809 | (1,202,028 | ) | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 655,585 | 794,723 | 312,227 | (1,146,418 | ) | (1,269,136 | ) | 8,050,964 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 929,649 | 1,221,708 | 1,084,986 | 797,441 | 409,797 | 6,990,442 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings | ||||||||||||||||||||||||||||||||||||||
Class A | — | (293,281 | ) | — | (279,931 | ) | — | (640,045 | ) | |||||||||||||||||||||||||||||
Class C | — | (166,794 | ) | — | (230,757 | ) | — | (466,266 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (407,953 | ) | — | (1,377,251 | ) | — | (5,717,212 | ) | |||||||||||||||||||||||||||||
Class S | — | (31,514 | ) | — | (45,410 | ) | — | (187,396 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (899,542 | ) | — | (1,933,349 | ) | — | (7,010,919 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 1,638,037 | 4,770,361 | 593,267 | 1,558,272 | 2,163,556 | 13,119,138 | ||||||||||||||||||||||||||||||||
Class C | 688,228 | 1,180,700 | 207,589 | 765,875 | 546,847 | 4,827,893 | ||||||||||||||||||||||||||||||||
Advisor Class | 470,338 | 1,509,946 | 713,927 | 284,501 | 30,365,317 | 228,165,055 | ||||||||||||||||||||||||||||||||
Investor Class | 21 | — | 637,610 | |||||||||||||||||||||||||||||||||||
Class S | — | 342,150 | — | 283,922 | — | 569,158 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 291,142 | — | 271,766 | — | 637,748 | ||||||||||||||||||||||||||||||||
Class C | — | 166,366 | — | 229,197 | — | 466,266 | ||||||||||||||||||||||||||||||||
Advisor Class | — | 403,573 | — | 1,375,545 | — | 5,608,985 | ||||||||||||||||||||||||||||||||
Investor Class | — | — | — | |||||||||||||||||||||||||||||||||||
Class S | — | 31,514 | — | 45,410 | — | 187,396 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (1,237,598 | ) | (2,442,917 | ) | (512,845 | ) | (734,887 | ) | (3,812,800 | ) | (17,793,874 | ) | ||||||||||||||||||||||||||
Class C | (994,846 | ) | (1,029,023 | ) | (482,173 | ) | (1,680,413 | ) | (3,378,793 | ) | (3,349,491 | ) | ||||||||||||||||||||||||||
Advisor Class | (728,138 | ) | (3,153,984 | ) | (320,063 | ) | (10,646,030 | ) | (51,091,682 | ) | (83,368,175 | ) | ||||||||||||||||||||||||||
Investor Class | (138,888 | ) | (3,085 | ) | (2,180,734 | ) | ||||||||||||||||||||||||||||||||
Class S | (74,773 | ) | (171,384 | ) | (146,223 | ) | (1,479,100 | ) | (244,067 | ) | (4,167,845 | ) | ||||||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||||||||
Class A (2) | 336,632 | 106,330 | 5,349,094 | |||||||||||||||||||||||||||||||||||
Investor Class (2) |
|
| (336,632 | ) |
|
| (106,330 | ) |
|
| (5,349,094 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (238,752 | ) | 1,759,577 | 53,479 | (9,729,027 | ) | (25,451,622 | ) | 143,359,130 | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 690,897 | 2,081,743 | 1,138,465 | (10,864,935 | ) | (25,041,825 | ) | 143,338,653 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 19,784,600 | 17,702,857 | 18,459,791 | 29,324,726 | 373,339,447 | 230,000,794 | ||||||||||||||||||||||||||||||||
End of Year or Period | $20,475,497 | $19,784,600 | $19,598,256 | $18,459,791 | $348,297,622 | $373,339,447 |
(1) | Unaudited. |
(2) | Investor Class shares were converted to Class A shares on July 31, 2018. |
See Notes to Financial Statements
B-11
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific FundsSmall-Cap | Pacific FundsSmall-Cap Value | Pacific Funds Small-Cap Growth | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019 (1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $16,436 | ($13,257 | ) | $84,731 | $131,421 | ($80,954 | ) | ($242,588 | ) | |||||||||||||||||||||||||||||
Net realized gain (loss) | 30,539 | 293,078 | 366,875 | 1,654,755 | 341,489 | 1,869,965 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (295,976 | ) | (434,380 | ) | 218,840 | (3,313,252 | ) | (2,096,421 | ) | (622,046 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (249,001 | ) | (154,559 | ) | 670,446 | (1,527,076 | ) | (1,835,886 | ) | 1,005,331 | ||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings | ||||||||||||||||||||||||||||||||||||||
Class A | — | (266,919 | ) | — | (184,456 | ) | — | (217,723 | ) | |||||||||||||||||||||||||||||
Class C | — | (45,131 | ) | — | (205,173 | ) | — | (78,739 | ) | |||||||||||||||||||||||||||||
Class P | — | (2,593,389 | ) | |||||||||||||||||||||||||||||||||||
Advisor Class | — | (724,054 | ) | — | (2,622,348 | ) | — | (1,438,459 | ) | |||||||||||||||||||||||||||||
Class S | — | (22,537 | ) | — | (970,543 | ) | — | (595,834 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,058,641 | ) | — | (3,982,520 | ) | — | (4,924,144 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 357,137 | 976,454 | 325,763 | 521,330 | 167,359 | 1,002,273 | ||||||||||||||||||||||||||||||||
Class C | 146,898 | 439,449 | 54,532 | 581,842 | 116,765 | 671,100 | ||||||||||||||||||||||||||||||||
Class P | 125,580 | 14,581,877 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 1,193,775 | 5,813,754 | 1,662,336 | 4,150,430 | 361,543 | 6,511,680 | ||||||||||||||||||||||||||||||||
Investor Class | 362,923 | 39,672 | 202 | |||||||||||||||||||||||||||||||||||
Class S | — | 273,636 | — | 220,011 | — | 505,875 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 257,678 | — | 184,456 | — | 217,723 | ||||||||||||||||||||||||||||||||
Class C | — | 45,131 | — | 205,173 | — | 78,739 | ||||||||||||||||||||||||||||||||
Class P | — | 2,593,389 | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | 701,863 | — | 2,591,080 | — | 1,436,386 | ||||||||||||||||||||||||||||||||
Investor Class | — | — | — | |||||||||||||||||||||||||||||||||||
Class S | — | 22,537 | — | 970,543 | — | 595,834 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (824,239 | ) | (1,562,670 | ) | (137,265 | ) | (479,587 | ) | (109,949 | ) | (179,852 | ) | ||||||||||||||||||||||||||
Class C | (104,513 | ) | (310,509 | ) | (223,136 | ) | (794,484 | ) | (158,184 | ) | (516,714 | ) | ||||||||||||||||||||||||||
Class P | (1,740,791 | ) | (18,163,421 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (1,837,925 | ) | (7,275,080 | ) | (691,733 | ) | (7,174,364 | ) | (345,045 | ) | (15,180,871 | ) | ||||||||||||||||||||||||||
Investor Class | (168,462 | ) | (8,110 | ) | — | |||||||||||||||||||||||||||||||||
Class S | (66,766 | ) | (75,001 | ) | (91,077 | ) | (6,113,704 | ) | (189,380 | ) | (8,750,477 | ) | ||||||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||||||||
Class A (2) | 3,512,299 | 201,962 | 1,611,351 | |||||||||||||||||||||||||||||||||||
Investor Class (2) |
|
| (3,512,299 | ) |
|
| (201,962 | ) |
|
| (1,611,351 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (1,135,633 | ) | (498,297 | ) | 899,420 | (5,105,712 | ) | (1,772,102 | ) | (14,596,257 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (1,384,634 | ) | (1,711,497 | ) | 1,569,866 | (10,615,308 | ) | (3,607,988 | ) | (18,515,070 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 19,766,967 | 21,478,464 | 17,383,326 | 27,998,634 | 35,614,101 | 54,129,171 | ||||||||||||||||||||||||||||||||
End of Year or Period | $18,382,333 | $19,766,967 | $18,953,192 | $17,383,326 | $32,006,113 | $35,614,101 |
(1) | Unaudited. |
(2) | Investor Class shares were converted to Class A shares on July 31, 2018. |
See Notes to Financial Statements
B-12
Table of Contents
PACIFIC FUNDS
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.23 | $0.00 | (8) | $0.41 | $0.41 | $— | $— | $— | $10.64 | 0.69 | % | 0.60 | % | (0.02 | %) | 4.01 | % | $177,050 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.24 | 0.20 | (0.04 | ) | 0.16 | (0.21 | ) | (0.96 | ) | (1.17 | ) | 10.23 | 0.68 | % | 0.60 | % | 1.83 | % | 1.88 | % | 121,012 | 30 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.98 | 0.25 | 0.26 | 0.51 | (0.25 | ) | — | (0.25 | ) | 11.24 | 0.68 | % | 0.60 | % | 2.18 | % | 4.60 | % | 131,023 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.63 | 0.19 | 0.52 | 0.71 | (0.22 | ) | (0.14 | ) | (0.36 | ) | 10.98 | 0.68 | % | 0.60 | % | 1.70 | % | 6.59 | % | 136,881 | 57 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.22 | 0.22 | (0.43 | ) | (0.21 | ) | (0.28 | ) | (0.10 | ) | (0.38 | ) | 10.63 | 0.67 | % | 0.60 | % | 1.99 | % | (1.73 | %) | 154,762 | 42 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.29 | 0.16 | 0.26 | 0.42 | (0.23 | ) | (0.26 | ) | (0.49 | ) | 11.22 | 0.68 | % | 0.60 | % | 1.44 | % | 3.71 | % | 169,945 | 17 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.97 | ($0.04 | ) | $0.39 | $0.35 | $— | $— | $— | $10.32 | 1.44 | % | 1.35 | % | (0.77 | %) | 3.51 | % | $54,573 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.00 | 0.11 | (0.03 | ) | 0.08 | (0.15 | ) | (0.96 | ) | (1.11 | ) | 9.97 | 1.43 | % | 1.35 | % | 1.08 | % | 1.13 | % | 111,233 | 30 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.76 | 0.16 | 0.26 | 0.42 | (0.18 | ) | — | (0.18 | ) | 11.00 | 1.43 | % | 1.35 | % | 1.43 | % | 3.89 | % | 137,036 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.44 | 0.10 | 0.51 | 0.61 | (0.15 | ) | (0.14 | ) | (0.29 | ) | 10.76 | 1.43 | % | 1.35 | % | 0.95 | % | 5.79 | % | 153,433 | 57 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.05 | 0.13 | (0.42 | ) | (0.29 | ) | (0.22 | ) | (0.10 | ) | (0.32 | ) | 10.44 | 1.42 | % | 1.35 | % | 1.24 | % | (2.51 | %) | 173,137 | 42 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.13 | 0.08 | 0.26 | 0.34 | (0.16 | ) | (0.26 | ) | (0.42 | ) | 11.05 | 1.43 | % | 1.35 | % | 0.69 | % | 3.09 | % | 191,946 | 17 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.26 | $0.01 | $0.42 | $0.43 | $— | $— | $— | $10.69 | 0.44 | % | 0.35 | % | 0.23 | % | 4.09 | % | $8,003 | 3 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.26 | 0.22 | (0.03 | ) | 0.19 | (0.23 | ) | (0.96 | ) | (1.19 | ) | 10.26 | 0.43 | % | 0.35 | % | 2.08 | % | 2.26 | % | 6,893 | 30 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.00 | 0.28 | 0.25 | 0.53 | (0.27 | ) | — | (0.27 | ) | 11.26 | 0.43 | % | 0.35 | % | 2.43 | % | 4.79 | % | 8,135 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.65 | 0.21 | 0.52 | 0.73 | (0.24 | ) | (0.14 | ) | (0.38 | ) | 11.00 | 0.43 | % | 0.35 | % | 1.95 | % | 6.89 | % | 5,404 | 57 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.23 | 0.25 | (0.43 | ) | (0.18 | ) | (0.30 | ) | (0.10 | ) | (0.40 | ) | 10.65 | 0.42 | % | 0.35 | % | 2.24 | % | (1.53 | %) | 4,976 | 42 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.29 | 0.19 | 0.26 | 0.45 | (0.25 | ) | (0.26 | ) | (0.51 | ) | 11.23 | 0.43 | % | 0.35 | % | 1.69 | % | 4.01 | % | 7,872 | 17 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative(6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.70 | $0.00 | (8) | $0.45 | $0.45 | $— | $— | $— | $11.15 | 0.68 | % | 0.60 | % | (0.09 | %) | 4.11 | % | $272,932 | 4 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.58 | 0.18 | (0.06 | ) | 0.12 | (0.20 | ) | (1.80 | ) | (2.00 | ) | 10.70 | 0.68 | % | 0.60 | % | 1.55 | % | 1.91 | % | 199,827 | 45 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.21 | 0.25 | 0.53 | 0.78 | (0.27 | ) | (0.14 | ) | (0.41 | ) | 12.58 | 0.67 | % | 0.60 | % | 1.95 | % | 6.36 | % | 227,420 | 30 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.73 | 0.20 | 0.79 | 0.99 | (0.24 | ) | (0.27 | ) | (0.51 | ) | 12.21 | 0.67 | % | 0.60 | % | 1.68 | % | 8.49 | % | 236,725 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.61 | 0.25 | (0.50 | ) | (0.25 | ) | (0.29 | ) | (0.34 | ) | (0.63 | ) | 11.73 | 0.67 | % | 0.60 | % | 2.07 | % | (1.87 | %) | 255,376 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.48 | 0.18 | 0.40 | 0.58 | (0.25 | ) | (0.20 | ) | (0.45 | ) | 12.61 | 0.67 | % | 0.60 | % | 1.40 | % | 4.69 | % | 276,898 | 17 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.44 | ($0.04 | ) | $0.43 | $0.39 | $— | $— | $— | $10.83 | 1.43 | % | 1.35 | % | (0.84 | %) | 3.74 | % | $66,923 | 4 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.34 | 0.09 | (0.06 | ) | 0.03 | (0.13 | ) | (1.80 | ) | (1.93 | ) | 10.44 | 1.43 | % | 1.35 | % | 0.80 | % | 1.11 | % | 136,522 | 45 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.00 | 0.15 | 0.52 | 0.67 | (0.19 | ) | (0.14 | ) | (0.33 | ) | 12.34 | 1.42 | % | 1.35 | % | 1.20 | % | 5.60 | % | 174,766 | 30 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.56 | 0.11 | 0.77 | 0.88 | (0.17 | ) | (0.27 | ) | (0.44 | ) | 12.00 | 1.42 | % | 1.35 | % | 0.93 | % | 7.74 | % | 200,105 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.45 | 0.16 | (0.48 | ) | (0.32 | ) | (0.23 | ) | (0.34 | ) | (0.57 | ) | 11.56 | 1.42 | % | 1.35 | % | 1.32 | % | (2.61 | %) | 221,192 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.35 | 0.08 | 0.40 | 0.48 | (0.18 | ) | (0.20 | ) | (0.38 | ) | 12.45 | 1.42 | % | 1.35 | % | 0.65 | % | 3.93 | % | 240,803 | 17 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.75 | $0.01 | $0.45 | $0.46 | $— | $— | $— | $11.21 | 0.43 | % | 0.35 | % | 0.16 | % | 4.28 | % | $8,056 | 4 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.62 | 0.21 | (0.06 | ) | 0.15 | (0.22 | ) | (1.80 | ) | (2.02 | ) | 10.75 | 0.42 | % | 0.35 | % | 1.80 | % | 2.10 | % | 7,701 | 45 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.24 | 0.28 | 0.53 | 0.81 | (0.29 | ) | (0.14 | ) | (0.43 | ) | 12.62 | 0.42 | % | 0.35 | % | 2.20 | % | 6.62 | % | 5,196 | 30 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.75 | 0.23 | 0.79 | 1.02 | (0.26 | ) | (0.27 | ) | (0.53 | ) | 12.24 | 0.42 | % | 0.35 | % | 1.93 | % | 8.78 | % | 4,895 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.62 | 0.28 | (0.49 | ) | (0.21 | ) | (0.32 | ) | (0.34 | ) | (0.66 | ) | 11.75 | 0.42 | % | 0.35 | % | 2.32 | % | (1.60 | %) | 4,891 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.49 | 0.21 | 0.40 | 0.61 | (0.28 | ) | (0.20 | ) | (0.48 | ) | 12.62 | 0.42 | % | 0.35 | % | 1.65 | % | 4.89 | % | 5,568 | 17 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.01 | ($0.02 | ) | $0.55 | $0.53 | $— | $— | $— | $12.54 | 0.66 | % | 0.60 | % | (0.28 | %) | 4.41 | % | $857,618 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 14.26 | 0.16 | 0.04 | 0.20 | (0.23 | ) | (2.22 | ) | (2.45 | ) | 12.01 | 0.66 | % | 0.60 | % | 1.17 | % | 2.49 | % | 652,731 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.67 | 0.20 | 0.94 | 1.14 | (0.24 | ) | (0.31 | ) | (0.55 | ) | 14.26 | 0.66 | % | 0.60 | % | 1.40 | % | 8.36 | % | 690,689 | 36 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.99 | 0.22 | 1.17 | 1.39 | (0.24 | ) | (0.47 | ) | (0.71 | ) | 13.67 | 0.66 | % | 0.60 | % | 1.60 | % | 10.94 | % | 720,438 | 48 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.20 | 0.25 | (0.60 | ) | (0.35 | ) | (0.28 | ) | (0.58 | ) | (0.86 | ) | 12.99 | 0.66 | % | 0.60 | % | 1.85 | % | (2.50 | %) | 771,853 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.98 | 0.18 | 0.55 | 0.73 | (0.32 | ) | (0.19 | ) | (0.51 | ) | 14.20 | 0.66 | % | 0.60 | % | 1.28 | % | 5.30 | % | 844,759 | 19 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-13
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate (Continued) (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $11.77 | ($0.06 | ) | $0.53 | $0.47 | $— | $— | $— | $12.24 | 1.41 | % | 1.35 | % | (1.03 | %) | 3.99 | % | $194,199 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 14.04 | 0.05 | 0.06 | 0.11 | (0.16 | ) | (2.22 | ) | (2.38 | ) | 11.77 | 1.41 | % | 1.35 | % | 0.42 | % | 1.78 | % | 381,170 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.50 | 0.09 | 0.92 | 1.01 | (0.16 | ) | (0.31 | ) | (0.47 | ) | 14.04 | 1.41 | % | 1.35 | % | 0.65 | % | 7.47 | % | 465,913 | 36 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.85 | 0.11 | 1.17 | 1.28 | (0.16 | ) | (0.47 | ) | (0.63 | ) | 13.50 | 1.41 | % | 1.35 | % | 0.85 | % | 10.19 | % | 515,691 | 48 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.08 | 0.15 | (0.60 | ) | (0.45 | ) | (0.20 | ) | (0.58 | ) | (0.78 | ) | 12.85 | 1.41 | % | 1.35 | % | 1.10 | % | (3.22 | %) | 554,661 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.87 | 0.07 | 0.55 | 0.62 | (0.22 | ) | (0.19 | ) | (0.41 | ) | 14.08 | 1.41 | % | 1.35 | % | 0.53 | % | 4.51 | % | 601,814 | 19 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.05 | $0.00 | (8) | $0.55 | $0.55 | $— | $— | $— | $12.60 | 0.41 | % | 0.35 | % | (0.03 | %) | 4.57 | % | $26,568 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 14.29 | 0.19 | 0.04 | 0.23 | (0.25 | ) | (2.22 | ) | (2.47 | ) | 12.05 | 0.41 | % | 0.35 | % | 1.42 | % | 2.75 | % | 26,959 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.69 | 0.24 | 0.94 | 1.18 | (0.27 | ) | (0.31 | ) | (0.58 | ) | 14.29 | 0.41 | % | 0.35 | % | 1.65 | % | 8.54 | % | 23,088 | 36 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.00 | 0.25 | 1.18 | 1.43 | (0.27 | ) | (0.47 | ) | (0.74 | ) | 13.69 | 0.41 | % | 0.35 | % | 1.85 | % | 11.30 | % | 17,983 | 48 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.20 | 0.29 | (0.60 | ) | (0.31 | ) | (0.31 | ) | (0.58 | ) | (0.89 | ) | 13.00 | 0.41 | % | 0.35 | % | 2.10 | % | (2.24 | %) | 19,835 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.98 | 0.22 | 0.55 | 0.77 | (0.36 | ) | (0.19 | ) | (0.55 | ) | 14.20 | 0.41 | % | 0.35 | % | 1.53 | % | 5.54 | % | 21,896 | 19 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.77 | ($0.03 | ) | $0.57 | $0.54 | $— | $— | $— | $13.31 | 0.67 | % | 0.60 | % | (0.39 | %) | 4.23 | % | $678,903 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 15.46 | 0.12 | 0.13 | 0.25 | (0.21 | ) | (2.73 | ) | (2.94 | ) | 12.77 | 0.66 | % | 0.60 | % | 0.84 | % | 2.92 | % | 529,247 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.61 | 0.18 | 1.30 | 1.48 | (0.23 | ) | (0.40 | ) | (0.63 | ) | 15.46 | 0.66 | % | 0.60 | % | 1.14 | % | 10.10 | % | 555,328 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.74 | 0.22 | 1.54 | 1.76 | (0.23 | ) | (0.66 | ) | (0.89 | ) | 14.61 | 0.67 | % | 0.60 | % | 1.55 | % | 13.08 | % | 560,395 | 43 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.34 | 0.19 | (0.69 | ) | (0.50 | ) | (0.23 | ) | (0.87 | ) | (1.10 | ) | 13.74 | 0.66 | % | 0.60 | % | 1.29 | % | (3.35 | %) | 570,267 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.74 | 0.16 | 0.77 | 0.93 | (0.33 | ) | — | (0.33 | ) | 15.34 | 0.66 | % | 0.60 | % | 1.07 | % | 6.36 | % | 607,360 | 21 | % | |||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.45 | ($0.07 | ) | $0.55 | $0.48 | $— | $— | $— | $12.93 | 1.42 | % | 1.35 | % | (1.14 | %) | 3.86 | % | $143,807 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 15.18 | 0.01 | 0.13 | 0.14 | (0.14 | ) | (2.73 | ) | (2.87 | ) | 12.45 | 1.42 | % | 1.35 | % | 0.08 | % | 2.12 | % | 271,000 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.38 | 0.06 | 1.28 | 1.34 | (0.14 | ) | (0.40 | ) | (0.54 | ) | 15.18 | 1.41 | % | 1.35 | % | 0.39 | % | 9.29 | % | 317,342 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.55 | 0.11 | 1.53 | 1.64 | (0.15 | ) | (0.66 | ) | (0.81 | ) | 14.38 | 1.42 | % | 1.35 | % | 0.80 | % | 12.33 | % | 347,447 | 43 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.18 | 0.08 | (0.69 | ) | (0.61 | ) | (0.15 | ) | (0.87 | ) | (1.02 | ) | 13.55 | 1.41 | % | 1.35 | % | 0.54 | % | (4.13 | %) | 366,805 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.59 | 0.05 | 0.76 | 0.81 | (0.22 | ) | — | (0.22 | ) | 15.18 | 1.41 | % | 1.35 | % | 0.32 | % | 5.59 | % | 398,716 | 21 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.82 | ($0.01 | ) | $0.57 | $0.56 | $— | $— | $— | $13.38 | 0.42 | % | 0.35 | % | (0.14 | %) | 4.37 | % | $19,202 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 15.51 | 0.16 | 0.12 | 0.28 | (0.24 | ) | (2.73 | ) | (2.97 | ) | 12.82 | 0.41 | % | 0.35 | % | 1.09 | % | 3.12 | % | 19,458 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.64 | 0.22 | 1.31 | 1.53 | (0.26 | ) | (0.40 | ) | (0.66 | ) | 15.51 | 0.41 | % | 0.35 | % | 1.39 | % | 10.42 | % | 16,280 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.76 | 0.26 | 1.54 | 1.80 | (0.26 | ) | (0.66 | ) | (0.92 | ) | 14.64 | 0.42 | % | 0.35 | % | 1.80 | % | 13.34 | % | 13,275 | 43 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.35 | 0.22 | (0.68 | ) | (0.46 | ) | (0.26 | ) | (0.87 | ) | (1.13 | ) | 13.76 | 0.41 | % | 0.35 | % | 1.54 | % | (3.10 | %) | 12,084 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.75 | 0.19 | 0.78 | 0.97 | (0.37 | ) | — | (0.37 | ) | 15.35 | 0.41 | % | 0.35 | % | 1.32 | % | 6.61 | % | 10,165 | 21 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $14.25 | ($0.04 | ) | $0.64 | $0.60 | $— | $— | $— | $14.85 | 0.68 | % | 0.60 | % | (0.57 | %) | 4.21 | % | $245,477 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 17.03 | 0.10 | 0.25 | 0.35 | (0.25 | ) | (2.88 | ) | (3.13 | ) | 14.25 | 0.68 | % | 0.60 | % | 0.61 | % | 3.39 | % | 193,470 | 55 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.79 | 0.12 | 1.81 | 1.93 | (0.20 | ) | (0.49 | ) | (0.69 | ) | 17.03 | 0.68 | % | 0.60 | % | 0.74 | % | 12.17 | % | 189,903 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.70 | 0.19 | 1.96 | 2.15 | (0.19 | ) | (0.87 | ) | (1.06 | ) | 15.79 | 0.68 | % | 0.60 | % | 1.25 | % | 15.06 | % | 179,825 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.85 | 0.16 | (0.85 | ) | (0.69 | ) | (0.28 | ) | (0.18 | ) | (0.46 | ) | 14.70 | 0.68 | % | 0.60 | % | 1.03 | % | (4.37 | %) | 170,874 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.23 | 0.15 | 0.79 | 0.94 | (0.32 | ) | — | (0.32 | ) | 15.85 | 0.68 | % | 0.60 | % | 0.97 | % | 6.18 | % | 177,171 | 20 | % | |||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $13.76 | ($0.09 | ) | $0.63 | $0.54 | $— | $— | $— | $14.30 | 1.43 | % | 1.35 | % | (1.32 | %) | 3.92 | % | $48,207 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 16.59 | (0.02 | ) | 0.24 | 0.22 | (0.17 | ) | (2.88 | ) | (3.05 | ) | 13.76 | 1.43 | % | 1.35 | % | (0.14 | %) | 2.57 | % | 85,434 | 55 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.43 | (0.00 | )(8) | 1.75 | 1.75 | (0.10 | ) | (0.49 | ) | (0.59 | ) | 16.59 | 1.43 | % | 1.35 | % | (0.01 | %) | 11.39 | % | 97,877 | 41 | % | |||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.41 | 0.07 | 1.93 | 2.00 | (0.11 | ) | (0.87 | ) | (0.98 | ) | 15.43 | 1.43 | % | 1.35 | % | 0.50 | % | 14.18 | % | 99,582 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.55 | 0.04 | (0.83 | ) | (0.79 | ) | (0.17 | ) | (0.18 | ) | (0.35 | ) | 14.41 | 1.43 | % | 1.35 | % | 0.28 | % | (5.13 | %) | 100,573 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.93 | 0.03 | 0.79 | 0.82 | (0.20 | ) | — | (0.20 | ) | 15.55 | 1.43 | % | 1.35 | % | 0.22 | % | 5.54 | % | 110,241 | 20 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-14
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued) (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $14.29 | ($0.02 | ) | $0.65 | $0.63 | $— | $— | $— | $14.92 | 0.43 | % | 0.35 | % | (0.32 | %) | 4.41 | % | $12,489 | 3 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 17.07 | 0.14 | 0.23 | 0.37 | (0.27 | ) | (2.88 | ) | (3.15 | ) | 14.29 | 0.43 | % | 0.35 | % | 0.86 | % | 3.57 | % | 10,860 | 55 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.82 | 0.17 | 1.80 | 1.97 | (0.23 | ) | (0.49 | ) | (0.72 | ) | 17.07 | 0.43 | % | 0.35 | % | 0.99 | % | 12.48 | % | 10,067 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.71 | 0.23 | 1.97 | 2.20 | (0.22 | ) | (0.87 | ) | (1.09 | ) | 15.82 | 0.43 | % | 0.35 | % | 1.50 | % | 15.32 | % | 7,166 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.86 | 0.19 | (0.84 | ) | (0.65 | ) | (0.32 | ) | (0.18 | ) | (0.50 | ) | 14.71 | 0.43 | % | 0.35 | % | 1.28 | % | (4.13 | %) | 6,679 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.23 | 0.19 | 0.79 | 0.98 | (0.35 | ) | — | (0.35 | ) | 15.86 | 0.43 | % | 0.35 | % | 1.22 | % | 6.50 | % | 6,480 | 20 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Ultra Short Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/28/2019 - 9/30/2019 (7) | $10.00 | $0.06 | $0.01 | $0.07 | ($0.06 | ) | $— | ($0.06 | ) | $10.01 | 0.95 | % | 0.32 | % | 2.36 | % | 0.71 | % | $12,592 | 24 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/28/2019 - 9/30/2019 (7) | $10.00 | $0.06 | $0.01 | $0.07 | ($0.06 | ) | $— | ($0.06 | ) | $10.01 | 1.10 | % | 0.32 | % | 2.36 | % | 0.71 | % | $12,598 | 24 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Short Duration Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.30 | $0.13 | $0.13 | $0.26 | ($0.13 | ) | $— | ($0.13 | ) | $10.43 | 1.02 | % | 0.75 | % | 2.54 | % | 2.55 | % | $159,199 | 26 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.24 | 0.26 | 0.05 | 0.31 | (0.25 | ) | — | (0.25 | ) | 10.30 | 1.03 | % | 0.75 | % | 2.57 | % | 3.11 | % | 118,935 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.32 | 0.21 | (0.09 | ) | 0.12 | (0.20 | ) | — | (0.20 | ) | 10.24 | 1.04 | % | 0.75 | % | 2.03 | % | 1.18 | % | 94,197 | 76 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.26 | 0.18 | 0.06 | 0.24 | (0.18 | ) | — | (0.18 | ) | 10.32 | 1.05 | % | 0.83 | % | 1.77 | % | 2.36 | % | 66,901 | 86 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.41 | 0.17 | (0.15 | ) | 0.02 | (0.17 | ) | — | (0.17 | ) | 10.26 | 1.06 | % | 0.85 | % | 1.62 | % | 0.15 | % | 69,477 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.46 | 0.19 | (0.03 | ) | 0.16 | (0.18 | ) | (0.03 | ) | (0.21 | ) | 10.41 | 1.09 | % | 0.85 | % | 1.77 | % | 1.51 | % | 48,685 | 78 | % | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.28 | $0.09 | $0.13 | $0.22 | ($0.09 | ) | $— | ($0.09 | ) | $10.41 | 1.77 | % | 1.50 | % | 1.79 | % | 2.17 | % | $45,438 | 26 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.22 | 0.19 | 0.05 | 0.24 | (0.18 | ) | — | (0.18 | ) | 10.28 | 1.78 | % | 1.50 | % | 1.82 | % | 2.35 | % | 46,167 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.30 | 0.13 | (0.09 | ) | 0.04 | (0.12 | ) | — | (0.12 | ) | 10.22 | 1.79 | % | 1.50 | % | 1.28 | % | 0.43 | % | 44,337 | 76 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.24 | 0.11 | 0.05 | 0.16 | (0.10 | ) | — | (0.10 | ) | 10.30 | 1.80 | % | 1.58 | % | 1.02 | % | 1.60 | % | 43,092 | 86 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.39 | 0.09 | (0.15 | ) | (0.06 | ) | (0.09 | ) | — | (0.09 | ) | 10.24 | 1.81 | % | 1.60 | % | 0.87 | % | (0.58 | %) | 44,180 | 41 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.45 | 0.11 | (0.03 | ) | 0.08 | (0.11 | ) | (0.03 | ) | (0.14 | ) | 10.39 | 1.84 | % | 1.60 | % | 1.02 | % | 0.68 | % | 31,569 | 78 | % | |||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.29 | $0.14 | $0.12 | $0.26 | ($0.14 | ) | $— | ($0.14 | ) | $10.41 | 0.62 | % | 0.50 | % | 2.79 | % | 2.58 | % | $99,979 | 26 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.22 | 0.29 | 0.06 | 0.35 | (0.28 | ) | — | (0.28 | ) | 10.29 | 0.63 | % | 0.50 | % | 2.82 | % | 3.47 | % | 83,436 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.30 | 0.24 | (0.09 | ) | 0.15 | (0.23 | ) | — | (0.23 | ) | 10.22 | 0.64 | % | 0.50 | % | 2.28 | % | 1.43 | % | 4,329 | 76 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.25 | 0.21 | 0.05 | 0.26 | (0.21 | ) | — | (0.21 | ) | 10.30 | 0.65 | % | 0.53 | % | 2.06 | % | 2.56 | % | 3,407 | 86 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.39 | 0.20 | (0.14 | ) | 0.06 | (0.20 | ) | — | (0.20 | ) | 10.25 | 0.66 | % | 0.55 | % | 1.92 | % | 0.54 | % | 1,695 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.45 | 0.21 | (0.03 | ) | 0.18 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 10.39 | 0.69 | % | 0.57 | % | 2.05 | % | 1.70 | % | 1,516 | 78 | % | |||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.31 | $0.15 | $0.11 | $0.26 | ($0.14 | ) | $— | ($0.14 | ) | $10.43 | 0.77 | % | 0.50 | % | 2.79 | % | 2.58 | % | $673,937 | 26 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.24 | 0.29 | 0.06 | 0.35 | (0.28 | ) | — | (0.28 | ) | 10.31 | 0.78 | % | 0.50 | % | 2.82 | % | 3.46 | % | 483,476 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.32 | 0.24 | (0.09 | ) | 0.15 | (0.23 | ) | — | (0.23 | ) | 10.24 | 0.79 | % | 0.50 | % | 2.28 | % | 1.43 | % | 272,268 | 76 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.26 | 0.21 | 0.06 | 0.27 | (0.21 | ) | — | (0.21 | ) | 10.32 | 0.80 | % | 0.57 | % | 2.02 | % | 2.62 | % | 162,554 | 86 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.41 | 0.19 | (0.15 | ) | 0.04 | (0.19 | ) | — | (0.19 | ) | 10.26 | 0.81 | % | 0.60 | % | 1.87 | % | 0.40 | % | 129,455 | 41 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.46 | 0.21 | (0.02 | ) | 0.19 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 10.41 | 0.83 | % | 0.60 | % | 2.02 | % | 1.78 | % | 51,901 | 78 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Core Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.52 | $0.16 | $0.44 | $0.60 | ($0.16 | ) | $— | ($0.16 | ) | $10.96 | 1.12 | % | 0.85 | % | 2.90 | % | 5.71 | % | $129,998 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.45 | 0.33 | 0.07 | 0.40 | (0.33 | ) | — | (0.33 | ) | 10.52 | 1.13 | % | 0.85 | % | 3.22 | % | 3.99 | % | 82,136 | 93 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.51 | 0.28 | (0.06 | ) | 0.22 | (0.28 | ) | — | (0.28 | ) | 10.45 | 1.12 | % | 0.85 | % | 2.62 | % | 2.05 | % | 132,006 | 91 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.45 | 0.28 | 0.06 | 0.34 | (0.28 | ) | — | (0.28 | ) | 10.51 | 1.13 | % | 0.93 | % | 2.63 | % | 3.23 | % | 160,226 | 82 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.79 | 0.31 | (0.34 | ) | (0.03 | ) | (0.31 | ) | — | (0.31 | ) | 10.45 | 1.14 | % | 0.95 | % | 2.92 | % | (0.27 | %) | 196,297 | 74 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.66 | 0.31 | 0.13 | 0.44 | (0.31 | ) | — | (0.31 | ) | 10.79 | 1.14 | % | 0.93 | % | 2.93 | % | 4.17 | % | 218,368 | 53 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-15
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Core Income (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.52 | $0.12 | $0.44 | $0.56 | ($0.12 | ) | $— | ($0.12 | ) | $10.96 | 1.87 | % | 1.60 | % | 2.15 | % | 5.30 | % | $58,328 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.46 | 0.26 | 0.06 | 0.32 | (0.26 | ) | — | (0.26 | ) | 10.52 | 1.88 | % | 1.60 | % | 2.47 | % | 3.11 | % | 81,309 | 93 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.51 | 0.20 | (0.05 | ) | 0.15 | (0.20 | ) | — | (0.20 | ) | 10.46 | 1.87 | % | 1.60 | % | 1.87 | % | 1.38 | % | 101,156 | 91 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.45 | 0.20 | 0.06 | 0.26 | (0.20 | ) | — | (0.20 | ) | 10.51 | 1.88 | % | 1.68 | % | 1.88 | % | 2.46 | % | 120,546 | 82 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.79 | 0.23 | (0.34 | ) | (0.11 | ) | (0.23 | ) | — | (0.23 | ) | 10.45 | 1.89 | % | 1.70 | % | 2.17 | % | (1.03 | %) | 140,657 | 74 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.66 | 0.23 | 0.13 | 0.36 | (0.23 | ) | — | (0.23 | ) | 10.79 | 1.89 | % | 1.68 | % | 2.18 | % | 3.42 | % | 183,952 | 53 | % | |||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.53 | $0.17 | $0.44 | $0.61 | ($0.17 | ) | $— | ($0.17 | ) | $10.97 | 0.72 | % | 0.55 | % | 3.20 | % | 5.86 | % | $43,449 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.46 | 0.36 | 0.08 | 0.44 | (0.37 | ) | — | (0.37 | ) | 10.53 | 0.73 | % | 0.55 | % | 3.52 | % | 4.30 | % | 26,394 | 93 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.52 | 0.31 | (0.06 | ) | 0.25 | (0.31 | ) | — | (0.31 | ) | 10.46 | 0.72 | % | 0.55 | % | 2.92 | % | 2.35 | % | 4,339 | 91 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.46 | 0.31 | 0.06 | 0.37 | (0.31 | ) | — | (0.31 | ) | 10.52 | 0.73 | % | 0.62 | % | 2.93 | % | 3.54 | % | 4,563 | 82 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.80 | 0.34 | (0.34 | ) | 0.00 | (0.34 | ) | — | (0.34 | ) | 10.46 | 0.74 | % | 0.65 | % | 3.22 | % | 0.03 | % | 3,585 | 74 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.67 | 0.34 | 0.13 | 0.47 | (0.34 | ) | — | (0.34 | ) | 10.80 | 0.73 | % | 0.65 | % | 3.21 | % | 4.46 | % | 3,806 | 53 | % | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.56 | $0.17 | $0.44 | $0.61 | ($0.17 | ) | $— | ($0.17 | ) | $11.00 | 0.72 | % | 0.55 | % | 3.20 | % | 5.84 | % | $38,281 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.49 | 0.37 | 0.07 | 0.44 | (0.37 | ) | — | (0.37 | ) | 10.56 | 0.73 | % | 0.55 | % | 3.52 | % | 4.29 | % | 40,570 | 93 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.55 | 0.31 | (0.07 | ) | 0.24 | (0.30 | ) | — | (0.30 | ) | 10.49 | 0.72 | % | 0.60 | % | 2.87 | % | 2.29 | % | 66,750 | 91 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.49 | 0.30 | 0.06 | 0.36 | (0.30 | ) | — | (0.30 | ) | 10.55 | 0.73 | % | 0.70 | % | 2.86 | % | 3.46 | % | 122,260 | 82 | % | |||||||||||||||||||||||||||||||||||
4/27/2015 - 3/31/2016 | 10.88 | 0.31 | (0.39 | ) | (0.08 | ) | (0.31 | ) | — | (0.31 | ) | 10.49 | 0.74 | % | 0.70 | % | 3.17 | % | (0.75 | %) | 15,964 | 74 | % | |||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.54 | $0.17 | $0.44 | $0.61 | ($0.17 | ) | $— | ($0.17 | ) | $10.98 | 0.87 | % | 0.55 | % | 3.20 | % | 5.85 | % | $567,533 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.48 | 0.36 | 0.07 | 0.43 | (0.37 | ) | — | (0.37 | ) | 10.54 | 0.88 | % | 0.55 | % | 3.52 | % | 4.19 | % | 393,645 | 93 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.53 | 0.31 | (0.05 | ) | 0.26 | (0.31 | ) | — | (0.31 | ) | 10.48 | 0.87 | % | 0.55 | % | 2.92 | % | 2.45 | % | 388,730 | 91 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.47 | 0.31 | 0.05 | 0.36 | (0.30 | ) | — | (0.30 | ) | 10.53 | 0.88 | % | 0.66 | % | 2.90 | % | 3.50 | % | 337,844 | 82 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.81 | 0.33 | (0.34 | ) | (0.01 | ) | (0.33 | ) | — | (0.33 | ) | 10.47 | 0.89 | % | 0.70 | % | 3.17 | % | (0.02 | %) | 249,677 | 74 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.68 | 0.34 | 0.13 | 0.47 | (0.34 | ) | — | (0.34 | ) | 10.81 | 0.88 | % | 0.69 | % | 3.17 | % | 4.43 | % | 219,437 | 53 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Strategic Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.60 | $0.22 | $0.32 | $0.54 | ($0.22 | ) | $— | ($0.22 | ) | $10.92 | 1.22 | % | 0.95 | % | 4.09 | % | 5.17 | % | $78,415 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.71 | 0.47 | (0.11 | ) | 0.36 | (0.47 | ) | — | (0.47 | ) | 10.60 | 1.23 | % | 0.95 | % | 4.43 | % | 3.43 | % | 61,503 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.68 | 0.40 | 0.02 | 0.42 | (0.39 | ) | — | (0.39 | ) | 10.71 | 1.23 | % | 0.95 | % | 3.70 | % | 3.95 | % | 71,948 | 94 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.09 | 0.39 | 0.59 | 0.98 | (0.39 | ) | — | (0.39 | ) | 10.68 | 1.25 | % | 1.02 | % | 3.71 | % | 9.82 | % | 66,765 | 116 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.75 | 0.43 | (0.66 | ) | (0.23 | ) | (0.43 | ) | — | (0.43 | ) | 10.09 | 1.26 | % | 1.05 | % | 4.20 | % | (2.17 | %) | 52,218 | 94 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.20 | 0.46 | (0.37 | ) | 0.09 | (0.44 | ) | (0.10 | ) | (0.54 | ) | 10.75 | 1.28 | % | 1.05 | % | 4.18 | % | 0.84 | % | 51,175 | 157 | % | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.58 | $0.18 | $0.32 | $0.50 | ($0.19 | ) | $— | ($0.19 | ) | $10.89 | 1.97 | % | 1.65 | % | 3.39 | % | 4.72 | % | $67,143 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.69 | 0.39 | (0.11 | ) | 0.28 | (0.39 | ) | — | (0.39 | ) | 10.58 | 1.98 | % | 1.65 | % | 3.73 | % | 2.73 | % | 58,634 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.66 | 0.32 | 0.02 | 0.34 | (0.31 | ) | — | (0.31 | ) | 10.69 | 1.98 | % | 1.65 | % | 3.00 | % | 3.25 | % | 57,389 | 94 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.07 | 0.31 | 0.59 | 0.90 | (0.31 | ) | — | (0.31 | ) | 10.66 | 2.00 | % | 1.76 | % | 2.97 | % | 9.03 | % | 50,016 | 116 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.73 | 0.36 | (0.67 | ) | (0.31 | ) | (0.35 | ) | — | (0.35 | ) | 10.07 | 2.01 | % | 1.80 | % | 3.45 | % | (2.90 | %) | 44,196 | 94 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.19 | 0.38 | (0.38 | ) | — | (0.36 | ) | (0.10 | ) | (0.46 | ) | 10.73 | 2.03 | % | 1.80 | % | 3.43 | % | 0.03 | % | 42,684 | 157 | % | |||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.54 | $0.24 | $0.31 | $0.55 | ($0.24 | ) | $— | ($0.24 | ) | $10.85 | 0.82 | % | 0.65 | % | 4.39 | % | 5.27 | % | $12,600 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.65 | 0.50 | (0.11 | ) | 0.39 | (0.50 | ) | — | (0.50 | ) | 10.54 | 0.83 | % | 0.65 | % | 4.73 | % | 3.77 | % | 5,750 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.62 | 0.43 | 0.02 | 0.45 | (0.42 | ) | — | (0.42 | ) | 10.65 | 0.83 | % | 0.65 | % | 4.00 | % | 4.28 | % | 3,882 | 94 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.03 | 0.42 | 0.59 | 1.01 | (0.42 | ) | — | (0.42 | ) | 10.62 | 0.85 | % | 0.71 | % | 4.01 | % | 10.20 | % | 2,446 | 116 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.70 | 0.46 | (0.67 | ) | (0.21 | ) | (0.46 | ) | — | (0.46 | ) | 10.03 | 0.86 | % | 0.75 | % | 4.50 | % | (1.98 | %) | 948 | 94 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.15 | 0.49 | (0.37 | ) | 0.12 | (0.47 | ) | (0.10 | ) | (0.57 | ) | 10.70 | 0.88 | % | 0.77 | % | 4.46 | % | 1.13 | % | 1,381 | 157 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-16
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Strategic Income (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.60 | $0.23 | $0.33 | $0.56 | ($0.24 | ) | $— | ($0.24 | ) | $10.92 | 0.97 | % | 0.70 | % | 4.34 | % | 5.30 | % | $575,736 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.71 | 0.49 | (0.11 | ) | 0.38 | (0.49 | ) | — | (0.49 | ) | 10.60 | 0.98 | % | 0.70 | % | 4.68 | % | 3.70 | % | 456,428 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.68 | 0.43 | 0.02 | 0.45 | (0.42 | ) | — | (0.42 | ) | 10.71 | 0.98 | % | 0.70 | % | 3.95 | % | 4.21 | % | 405,200 | 94 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.09 | 0.42 | 0.58 | 1.00 | (0.41 | ) | — | (0.41 | ) | 10.68 | 1.00 | % | 0.77 | % | 3.96 | % | 10.09 | % | 217,482 | 116 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.76 | 0.46 | (0.68 | ) | (0.22 | ) | (0.45 | ) | — | (0.45 | ) | 10.09 | 1.01 | % | 0.80 | % | 4.45 | % | (2.01 | %) | 115,565 | 94 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.20 | 0.48 | (0.35 | ) | 0.13 | (0.47 | ) | (0.10 | ) | (0.57 | ) | 10.76 | 1.03 | % | 0.80 | % | 4.43 | % | 1.20 | % | 66,223 | 157 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.88 | $0.24 | $0.04 | $0.28 | ($0.25 | ) | $— | ($0.25 | ) | $9.91 | 1.31 | % | 1.02 | %(9) | 4.88 | % | 2.90 | % | $197,010 | 54 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.12 | 0.49 | (0.24 | ) | 0.25 | (0.49 | ) | — | (0.49 | ) | 9.88 | 1.29 | % | 1.01 | % | 4.92 | % | 2.57 | % | 202,929 | 122 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.15 | 0.42 | (0.04 | ) | 0.38 | (0.41 | ) | — | (0.41 | ) | 10.12 | 1.28 | % | 1.01 | % | 4.11 | % | 3.85 | % | 209,034 | 158 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.76 | 0.42 | 0.38 | 0.80 | (0.41 | ) | — | (0.41 | ) | 10.15 | 1.30 | % | 1.09 | % | 4.21 | % | 8.32 | % | 207,238 | 168 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.08 | 0.39 | (0.32 | ) | 0.07 | (0.39 | ) | — | (0.39 | ) | 9.76 | 1.30 | % | 1.12 | % | 3.92 | % | 0.72 | % | 191,376 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.51 | 0.44 | (0.40 | ) | 0.04 | (0.44 | ) | (0.03 | ) | (0.47 | ) | 10.08 | 1.29 | % | 1.07 | % | 4.20 | % | 0.38 | % | 215,160 | 80 | % | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.86 | $0.21 | $0.04 | $0.25 | ($0.22 | ) | $— | ($0.22 | ) | $9.89 | 2.06 | % | 1.72 | %(9) | 4.18 | % | 2.54 | % | $144,353 | 54 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.10 | 0.42 | (0.24 | ) | 0.18 | (0.42 | ) | — | (0.42 | ) | 9.86 | 2.04 | % | 1.71 | % | 4.22 | % | 1.86 | % | 197,081 | 122 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.13 | 0.34 | (0.03 | ) | 0.31 | (0.34 | ) | — | (0.34 | ) | 10.10 | 2.03 | % | 1.71 | % | 3.41 | % | 3.14 | % | 191,239 | 158 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.74 | 0.35 | 0.37 | 0.72 | (0.33 | ) | — | (0.33 | ) | 10.13 | 2.05 | % | 1.83 | % | 3.47 | % | 7.54 | % | 180,612 | 168 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.06 | 0.31 | (0.31 | ) | 0.00 | (0.32 | ) | — | (0.32 | ) | 9.74 | 2.05 | % | 1.87 | % | 3.17 | % | (0.04 | %) | 161,326 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.50 | 0.36 | (0.40 | ) | (0.04 | ) | (0.37 | ) | (0.03 | ) | (0.40 | ) | 10.06 | 2.04 | % | 1.82 | % | 3.45 | % | (0.46 | %) | 179,798 | 80 | % | ||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.90 | $0.26 | $0.03 | $0.29 | ($0.26 | ) | $— | ($0.26 | ) | $9.93 | 0.91 | % | 0.72 | %(9) | 5.18 | % | 2.92 | % | $499,203 | 54 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.14 | 0.52 | (0.23 | ) | 0.29 | (0.53 | ) | — | (0.53 | ) | 9.90 | 0.90 | % | 0.71 | % | 5.22 | % | 2.88 | % | 497,335 | 122 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.16 | 0.45 | (0.03 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | 10.14 | 0.88 | % | 0.71 | % | 4.41 | % | 4.25 | % | 294,352 | 158 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.77 | 0.45 | 0.38 | 0.83 | (0.44 | ) | — | (0.44 | ) | 10.16 | 0.89 | % | 0.78 | % | 4.52 | % | 8.63 | % | 249,811 | 168 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.09 | 0.42 | (0.32 | ) | 0.10 | (0.42 | ) | — | (0.42 | ) | 9.77 | 0.90 | % | 0.82 | % | 4.22 | % | 1.02 | % | 91,984 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.53 | 0.46 | (0.40 | ) | 0.06 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.09 | 0.89 | % | 0.81 | % | 4.46 | % | 0.55 | % | 88,508 | 80 | % | |||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.90 | $0.26 | $0.03 | $0.29 | ($0.26 | ) | $— | ($0.26 | ) | $9.93 | 0.91 | % | 0.72 | %(9) | 5.18 | % | 2.92 | % | $28,102 | 54 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.14 | 0.53 | (0.25 | ) | 0.28 | (0.52 | ) | — | (0.52 | ) | 9.90 | 0.89 | % | 0.71 | % | 5.22 | % | 2.87 | % | 32,176 | 122 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.16 | 0.44 | (0.02 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | 10.14 | 0.88 | % | 0.76 | % | 4.36 | % | 4.20 | % | 64,557 | 158 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.76 | 0.45 | 0.38 | 0.83 | (0.43 | ) | — | (0.43 | ) | 10.16 | 0.89 | % | 0.87 | % | 4.43 | % | 8.56 | % | 78,660 | 168 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.09 | 0.41 | (0.33 | ) | 0.08 | (0.41 | ) | — | (0.41 | ) | 9.76 | 0.90 | % | 0.87 | % | 4.17 | % | 0.97 | % | 568 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.52 | 0.45 | (0.38 | ) | 0.07 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.09 | 0.89 | % | 0.83 | % | 4.44 | % | 0.64 | % | 691 | 80 | % | |||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.92 | $0.26 | $0.02 | $0.28 | ($0.25 | ) | $— | ($0.25 | ) | $9.95 | 1.06 | % | 0.77 | %(9) | 5.13 | % | 2.89 | % | $710,652 | 54 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.16 | 0.52 | (0.24 | ) | 0.28 | (0.52 | ) | — | (0.52 | ) | 9.92 | 1.04 | % | 0.76 | % | 5.17 | % | 2.83 | % | 830,452 | 122 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.18 | 0.44 | (0.02 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | 10.16 | 1.03 | % | 0.76 | % | 4.36 | % | 4.20 | % | 715,700 | 158 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.79 | 0.45 | 0.37 | 0.82 | (0.43 | ) | — | (0.43 | ) | 10.18 | 1.04 | % | 0.83 | % | 4.47 | % | 8.56 | % | 450,761 | 168 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.11 | 0.41 | (0.32 | ) | 0.09 | (0.41 | ) | — | (0.41 | ) | 9.79 | 1.05 | % | 0.87 | % | 4.17 | % | 0.96 | % | 231,437 | 99 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.54 | 0.46 | (0.39 | ) | 0.07 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.11 | 1.04 | % | 0.82 | % | 4.45 | % | 0.63 | % | 270,383 | 80 | % | |||||||||||||||||||||||||||||||||
Pacific Funds High Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.07 | $0.26 | $0.16 | $0.42 | ($0.27 | ) | $— | ($0.27 | ) | $10.22 | 1.27 | % | 0.95 | % | 5.15 | % | 4.18 | % | $6,649 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.23 | 0.55 | (0.16 | ) | 0.39 | (0.55 | ) | — | (0.55 | ) | 10.07 | 1.31 | % | 0.95 | % | 5.48 | % | 3.97 | % | 5,174 | 64 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.29 | 0.50 | (0.03 | ) | 0.47 | (0.53 | ) | — | (0.53 | ) | 10.23 | 1.46 | % | 0.95 | % | 4.82 | % | 4.66 | % | 5,463 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.44 | 0.48 | 0.92 | 1.40 | (0.55 | ) | — | (0.55 | ) | 10.29 | 1.32 | % | 1.03 | % | 4.81 | % | 15.16 | % | 5,626 | 61 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.48 | 0.50 | (1.10 | ) | (0.60 | ) | (0.44 | ) | — | (0.44 | ) | 9.44 | 1.28 | % | 1.05 | % | 5.05 | % | (5.79 | %) | 10,391 | 54 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.22 | 0.54 | (0.60 | ) | (0.06 | ) | (0.52 | ) | (0.16 | ) | (0.68 | ) | 10.48 | 1.50 | % | 1.05 | % | 4.90 | % | (0.49 | %) | 5,900 | 60 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-17
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds High Income (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.06 | $0.23 | $0.15 | $0.38 | ($0.23 | ) | $— | ($0.23 | ) | $10.21 | 2.02 | % | 1.65 | % | 4.45 | % | 3.81 | % | $2,526 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.21 | 0.48 | (0.15 | ) | 0.33 | (0.48 | ) | — | (0.48 | ) | 10.06 | 2.06 | % | 1.65 | % | 4.78 | % | 3.35 | % | 3,726 | 64 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.28 | 0.43 | (0.04 | ) | 0.39 | (0.46 | ) | — | (0.46 | ) | 10.21 | 2.21 | % | 1.65 | % | 4.12 | % | 3.84 | % | 4,418 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.43 | 0.41 | 0.92 | 1.33 | (0.48 | ) | — | (0.48 | ) | 10.28 | 2.07 | % | 1.76 | % | 4.07 | % | 14.36 | % | 4,802 | 61 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.47 | 0.43 | (1.10 | ) | (0.67 | ) | (0.37 | ) | — | (0.37 | ) | 9.43 | 2.03 | % | 1.80 | % | 4.30 | % | (6.52 | %) | 4,324 | 54 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.21 | 0.45 | (0.59 | ) | (0.14 | ) | (0.44 | ) | (0.16 | ) | (0.60 | ) | 10.47 | 2.24 | % | 1.80 | % | 4.15 | % | (1.22 | %) | 5,419 | 60 | % | ||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.98 | $0.27 | $0.15 | $0.42 | ($0.28 | ) | $— | ($0.28 | ) | $10.12 | 0.87 | % | 0.70 | % | 5.40 | % | 4.25 | % | $127 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.14 | 0.57 | (0.16 | ) | 0.41 | (0.57 | ) | — | (0.57 | ) | 9.98 | 0.91 | % | 0.70 | % | 5.73 | % | 4.27 | % | 175 | 64 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.21 | 0.52 | (0.02 | ) | 0.50 | (0.57 | ) | — | (0.57 | ) | 10.14 | 1.07 | % | 0.70 | % | 5.07 | % | 4.95 | % | 211 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.37 | 0.51 | 0.91 | 1.42 | (0.58 | ) | — | (0.58 | ) | 10.21 | 0.90 | % | 0.73 | % | 5.10 | % | 15.52 | % | 5,204 | 61 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.41 | 0.54 | (1.11 | ) | (0.57 | ) | (0.47 | ) | — | (0.47 | ) | 9.37 | 0.88 | % | 0.75 | % | 5.35 | % | (5.57 | %) | 58 | 54 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.14 | 0.57 | (0.61 | ) | (0.04 | ) | (0.53 | ) | (0.16 | ) | (0.69 | ) | 10.41 | 1.10 | % | 0.77 | % | 5.18 | % | (0.30 | %) | 241 | 60 | % | ||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.98 | $0.27 | $0.15 | $0.42 | ($0.28 | ) | $— | ($0.28 | ) | $10.12 | 0.87 | % | 0.70 | % | 5.40 | % | 4.25 | % | $107,431 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.14 | 0.57 | (0.16 | ) | 0.41 | (0.57 | ) | — | (0.57 | ) | 9.98 | 0.91 | % | 0.70 | % | 5.73 | % | 4.27 | % | 113,317 | 64 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.20 | 0.52 | (0.02 | ) | 0.50 | (0.56 | ) | — | (0.56 | ) | 10.14 | 1.06 | % | 0.73 | % | 5.04 | % | 4.92 | % | 68,844 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.36 | 0.49 | 0.93 | 1.42 | (0.58 | ) | — | (0.58 | ) | 10.20 | 0.95 | % | 0.80 | % | 5.04 | % | 15.47 | % | 10,554 | 61 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.40 | 0.52 | (1.09 | ) | (0.57 | ) | (0.47 | ) | — | (0.47 | ) | 9.36 | 0.88 | % | 0.80 | % | 5.30 | % | (5.60 | %) | 113,998 | 54 | % | |||||||||||||||||||||||||||||||||
1/14/2015 - 3/31/2015 | 10.22 | 0.11 | 0.19 | 0.30 | (0.12 | ) | — | (0.12 | ) | 10.40 | 1.06 | % | 0.80 | % | 5.15 | % | 2.94 | % | 38,919 | 60 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.08 | $0.28 | $0.15 | $0.43 | ($0.28 | ) | $— | ($0.28 | ) | $10.23 | 1.02 | % | 0.70 | % | 5.40 | % | 4.31 | % | $5,792 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.24 | 0.58 | (0.17 | ) | 0.41 | (0.57 | ) | — | (0.57 | ) | 10.08 | 1.06 | % | 0.70 | % | 5.73 | % | 4.23 | % | 3,669 | 64 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.30 | 0.53 | (0.03 | ) | 0.50 | (0.56 | ) | — | (0.56 | ) | 10.24 | 1.21 | % | 0.70 | % | 5.07 | % | 4.91 | % | 2,503 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.44 | 0.51 | 0.93 | 1.44 | (0.58 | ) | — | (0.58 | ) | 10.30 | 1.06 | % | 0.77 | % | 5.07 | % | 15.58 | % | 2,304 | 61 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.49 | 0.53 | (1.12 | ) | (0.59 | ) | (0.46 | ) | — | (0.46 | ) | 9.44 | 1.03 | % | 0.80 | % | 5.30 | % | (5.66 | %) | 1,666 | 54 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.23 | 0.57 | (0.60 | ) | (0.03 | ) | (0.55 | ) | (0.16 | ) | (0.71 | ) | 10.49 | 1.24 | % | 0.80 | % | 5.15 | % | (0.23 | %) | 3,807 | 60 | % | ||||||||||||||||||||||||||||||||
Pacific Funds Diversified Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/28/2019 - 9/30/2019 (7) | $10.00 | $0.08 | $0.03 | $0.11 | ($0.08 | ) | $— | ($0.08 | ) | $10.03 | 1.26 | % | 0.45 | % | 2.96 | % | 1.06 | % | $28,310 | 6 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.48 | $0.06 | $0.52 | $0.58 | $— | $— | $— | $13.06 | 1.44 | % | 0.95 | % | 1.00 | % | 4.65 | % | $8,864 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.28 | 0.12 | 0.67 | 0.79 | (0.09 | ) | (0.50 | ) | (0.59 | ) | 12.48 | 1.54 | % | 1.00 | % | 0.93 | % | 6.74 | % | 8,080 | 79 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.08 | 0.08 | 1.30 | 1.38 | (0.10 | ) | (0.08 | ) | (0.18 | ) | 12.28 | 1.73 | % | 1.00 | % | 0.69 | % | 12.43 | % | 4,939 | 98 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.66 | 0.11 | 1.40 | 1.51 | (0.09 | ) | — | (0.09 | ) | 11.08 | 2.86 | % | 1.00 | % | 1.08 | % | 15.69 | % | 4,599 | 108 | % | |||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.03 | 0.53 | 0.56 | — | — | — | 9.66 | 6.07 | % | 1.00 | % | 1.35 | % | 6.15 | % | 551 | 27 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.42 | $0.02 | $0.51 | $0.53 | $— | $— | $— | $12.95 | 2.19 | % | 1.70 | % | 0.25 | % | 4.27 | % | $3,757 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.22 | 0.02 | 0.69 | 0.71 | (0.01 | ) | (0.50 | ) | (0.51 | ) | 12.42 | 2.30 | % | 1.75 | % | 0.19 | % | 5.97 | % | 3,900 | 79 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.03 | (0.01 | ) | 1.29 | 1.28 | (0.01 | ) | (0.08 | ) | (0.09 | ) | 12.22 | 2.48 | % | 1.75 | % | (0.06 | %) | 11.60 | % | 3,545 | 98 | % | |||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.65 | 0.03 | 1.39 | 1.42 | (0.04 | ) | — | (0.04 | ) | 11.03 | 3.61 | % | 1.75 | % | 0.33 | % | 14.74 | % | 2,804 | 108 | % | |||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.54 | 0.55 | — | — | — | 9.65 | 6.82 | % | 1.75 | % | 0.60 | % | 6.04 | % | 525 | 27 | % | |||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.57 | $0.08 | $0.53 | $0.61 | $— | $— | $— | $13.18 | 1.19 | % | 0.70 | % | 1.25 | % | 4.85 | % | $6,977 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.37 | 0.15 | 0.67 | 0.82 | (0.12 | ) | (0.50 | ) | (0.62 | ) | 12.57 | 1.30 | % | 0.75 | % | 1.19 | % | 6.97 | % | 6,896 | 79 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.11 | 0.12 | 1.30 | 1.42 | (0.08 | ) | (0.08 | ) | (0.16 | ) | 12.37 | 1.48 | % | 0.75 | % | 0.94 | % | 12.83 | % | 8,070 | 98 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.67 | 0.14 | 1.39 | 1.53 | (0.09 | ) | — | (0.09 | ) | 11.11 | 2.61 | % | 0.75 | % | 1.33 | % | 15.89 | % | 2,176 | 108 | % | |||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.03 | 0.54 | 0.57 | — | — | — | 9.67 | 5.82 | % | 0.75 | % | 1.60 | % | 6.26 | % | 564 | 27 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-18
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.33 | $0.09 | $0.51 | $0.60 | $— | $— | $— | $12.93 | 1.04 | % | 0.60 | % | 1.35 | % | 4.87 | % | $877 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.15 | 0.16 | 0.66 | 0.82 | (0.14 | ) | (0.50 | ) | (0.64 | ) | 12.33 | 1.15 | % | 0.65 | % | 1.28 | % | 7.06 | % | 909 | 79 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.03 | 0.12 | 1.30 | 1.42 | (0.22 | ) | (0.08 | ) | (0.30 | ) | 12.15 | 1.33 | % | 0.65 | % | 1.04 | % | 12.85 | % | 692 | 98 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.66 | 0.15 | 1.39 | 1.54 | (0.17 | ) | — | (0.17 | ) | 11.03 | 2.46 | % | 0.65 | % | 1.43 | % | 16.08 | % | 1,184 | 108 | % | |||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.09 | 0.05 | (0.30 | ) | (0.25 | ) | (0.18 | )(10) | — | (0.18 | ) | 9.66 | 5.99 | % | 0.65 | % | 1.70 | % | (2.54 | %) | 1,879 | 27 | % | |||||||||||||||||||||||||||||||||
3/20/2015 - 11/30/2015 | 10.26 | 0.12 | (0.29 | ) | (0.17 | ) | — | — | — | 10.09 | 9.85 | % | 0.65 | % | 1.72 | % | (1.66 | %) | 1,895 | 45 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.89 | $0.08 | $0.56 | $0.64 | $— | $— | $— | $11.53 | 1.51 | % | 1.05 | % | 1.38 | % | 5.88 | % | $4,687 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.34 | 0.14 | 0.18 | 0.32 | (0.13 | ) | (0.64 | ) | (0.77 | ) | 10.89 | 1.46 | % | 1.10 | % | 1.27 | % | 3.14 | % | 4,353 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.75 | 0.11 | 0.86 | 0.97 | (0.13 | ) | (0.25 | ) | (0.38 | ) | 11.34 | 1.47 | % | 1.10 | % | 0.96 | % | 9.03 | % | 3,304 | 50 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.46 | 0.14 | 1.27 | 1.41 | (0.10 | ) | (0.02 | ) | (0.12 | ) | 10.75 | 1.79 | % | 1.10 | % | 1.35 | % | 14.92 | % | 2,572 | 65 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.04 | 0.45 | 0.49 | — | — | — | 9.46 | 10.34 | % | 1.10 | % | 1.92 | % | 5.46 | % | 499 | 48 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.83 | $0.04 | $0.55 | $0.59 | $— | $— | $— | $11.42 | 2.27 | % | 1.80 | % | 0.63 | % | 5.45 | % | $3,387 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.25 | 0.06 | 0.19 | 0.25 | (0.03 | ) | (0.64 | ) | (0.67 | ) | 10.83 | 2.21 | % | 1.85 | % | 0.53 | % | 2.40 | % | 3,475 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.69 | 0.02 | 0.86 | 0.88 | (0.07 | ) | (0.25 | ) | (0.32 | ) | 11.25 | 2.22 | % | 1.85 | % | 0.21 | % | 8.16 | % | 4,327 | 50 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.45 | 0.06 | 1.26 | 1.32 | (0.06 | ) | (0.02 | ) | (0.08 | ) | 10.69 | 2.54 | % | 1.85 | % | 0.60 | % | 14.03 | % | 3,056 | 65 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.02 | 0.46 | 0.48 | — | — | — | 9.45 | 11.09 | % | 1.85 | % | 1.17 | % | 5.35 | % | 477 | 48 | % | |||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.93 | $0.09 | $0.56 | $0.65 | $— | $— | $— | $11.58 | 1.26 | % | 0.80 | % | 1.63 | % | 5.95 | % | $10,792 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.37 | 0.17 | 0.19 | 0.36 | (0.16 | ) | (0.64 | ) | (0.80 | ) | 10.93 | 1.21 | % | 0.85 | % | 1.53 | % | 3.47 | % | 9,799 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.78 | 0.14 | 0.87 | 1.01 | (0.17 | ) | (0.25 | ) | (0.42 | ) | 11.37 | 1.22 | % | 0.85 | % | 1.21 | % | 9.33 | % | 19,624 | 50 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.16 | 1.26 | 1.42 | (0.09 | ) | (0.02 | ) | (0.11 | ) | 10.78 | 1.54 | % | 0.85 | % | 1.60 | % | 15.10 | % | 24,779 | 65 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.04 | 0.46 | 0.50 | — | — | — | 9.47 | 10.09 | % | 0.85 | % | 2.17 | % | 5.57 | % | 777 | 48 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $10.84 | $0.10 | $0.56 | $0.66 | $— | $— | $— | $11.50 | 1.12 | % | 0.70 | % | 1.73 | % | 6.09 | % | $732 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.34 | 0.19 | 0.15 | 0.34 | (0.20 | ) | (0.64 | ) | (0.84 | ) | 10.84 | 1.06 | % | 0.75 | % | 1.63 | % | 3.39 | % | 832 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.75 | 0.15 | 0.86 | 1.01 | (0.17 | ) | (0.25 | ) | (0.42 | ) | 11.34 | 1.07 | % | 0.75 | % | 1.31 | % | 9.36 | % | 1,963 | 50 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.17 | 1.28 | 1.45 | (0.15 | ) | (0.02 | ) | (0.17 | ) | 10.75 | 1.39 | % | 0.75 | % | 1.70 | % | 15.35 | % | 1,365 | 65 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.04 | 0.46 | 0.50 | — | — | — | 9.47 | 9.93 | % | 0.75 | % | 2.27 | % | 5.57 | % | 210 | 48 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $13.02 | $0.00 | (8) | $0.01 | $0.01 | $— | $— | $— | $13.03 | 1.43 | % | 1.25 | % | 0.02 | % | 0.08 | % | $20,219 | 18 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 13.23 | (0.02 | ) | 0.16 | 0.14 | — | (0.35 | ) | (0.35 | ) | 13.02 | 1.48 | % | 1.30 | % | (0.11 | %) | 1.19 | % | 21,872 | 33 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.93 | (0.04 | ) | 1.35 | 1.31 | — | (0.01 | ) | (0.01 | ) | 13.23 | 1.51 | % | 1.30 | % | (0.28 | %) | 11.02 | % | 21,131 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.93 | (0.02 | ) | 2.05 | 2.03 | — | (0.03 | ) | (0.03 | ) | 11.93 | 1.71 | % | 1.30 | % | (0.19 | %) | 20.44 | % | 18,360 | 45 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | 0.00 | (8) | 0.60 | 0.60 | — | — | — | 9.93 | 5.43 | % | 1.30 | % | 0.07 | % | 6.43 | % | 2,254 | 11 | % | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.70 | ($0.05 | ) | $0.01 | ($0.04 | ) | $— | $— | $— | $12.66 | 2.18 | % | 2.00 | % | (0.73 | %) | (0.32 | %) | $14,011 | 18 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 13.01 | (0.11 | ) | 0.15 | 0.04 | — | (0.35 | ) | (0.35 | ) | 12.70 | 2.23 | % | 2.05 | % | (0.87 | %) | 0.43 | % | 16,875 | 33 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.81 | (0.13 | ) | 1.34 | 1.21 | — | (0.01 | ) | (0.01 | ) | 13.01 | 2.26 | % | 2.05 | % | (1.03 | %) | 10.28 | % | 15,458 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.91 | (0.10 | ) | 2.03 | 1.93 | — | (0.03 | ) | (0.03 | ) | 11.81 | 2.46 | % | 2.05 | % | (0.94 | %) | 19.47 | % | 7,383 | 45 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | (0.01 | ) | 0.59 | 0.58 | — | — | — | 9.91 | 6.18 | % | 2.05 | % | (0.68 | %) | 6.22 | % | 527 | 11 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $13.11 | $0.02 | $0.00 | (8) | $0.02 | $— | $— | $— | $13.13 | 1.18 | % | 1.00 | % | 0.27 | % | 0.15 | % | $307,879 | 18 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 13.28 | 0.02 | 0.16 | 0.18 | (0.00 | )(8) | (0.35 | ) | (0.35 | ) | 13.11 | 1.23 | % | 1.05 | % | 0.13 | % | 1.50 | % | 328,171 | 33 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.94 | 0.00 | (8) | 1.35 | 1.35 | — | (0.01 | ) | (0.01 | ) | 13.28 | 1.26 | % | 1.05 | % | (0.03 | %) | 11.34 | % | 176,897 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.92 | 0.01 | 2.05 | 2.06 | (0.01 | ) | (0.03 | ) | (0.04 | ) | 11.94 | 1.46 | % | 1.05 | % | 0.06 | % | 20.73 | % | 70,260 | 45 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | 0.01 | 0.58 | 0.59 | — | — | — | 9.92 | 5.18 | % | 1.05 | % | 0.32 | % | 6.32 | % | 1,965 | 11 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-19
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap (Continued)(11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $13.12 | $0.02 | $0.00 | (8) | $0.02 | $— | $— | $— | $13.14 | 1.03 | % | 0.95 | % | 0.32 | % | 0.15 | % | $6,189 | 18 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 13.29 | 0.02 | 0.16 | 0.18 | (0.00 | )(8) | (0.35 | ) | (0.35 | ) | 13.12 | 1.08 | % | 1.00 | % | 0.19 | % | 1.52 | % | 6,422 | 33 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.94 | 0.00 | (8) | 1.36 | 1.36 | — | (0.01 | ) | (0.01 | ) | 13.29 | 1.11 | % | 1.00 | % | 0.02 | % | 11.43 | % | 9,977 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.92 | 0.01 | 2.05 | 2.06 | (0.01 | ) | (0.03 | ) | (0.04 | ) | 11.94 | 1.31 | % | 1.00 | % | 0.11 | % | 20.78 | % | 8,531 | 45 | % | ||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.48 | 0.01 | (0.49 | ) | (0.48 | ) | (0.03 | ) | (0.05 | ) | (0.08 | ) | 9.92 | 9.62 | % | 1.00 | % | 0.37 | % | (4.55 | %) | 711 | 11 | % | ||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.01 | 0.47 | 0.48 | — | — | — | 10.48 | 29.84 | % | 1.00 | % | 0.12 | % | 4.80 | % | 524 | 30 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap(11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.12 | $0.00 | (8) | ($0.17 | ) | ($0.17 | ) | $— | $— | $— | $11.95 | 1.74 | % | 1.25 | % | 0.03 | % | (1.40 | %) | $4,458 | 21 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.86 | (0.03 | ) | (0.06 | ) | (0.09 | ) | — | (0.65 | ) | (0.65 | ) | 12.12 | 1.72 | % | 1.30 | % | (0.21 | %) | (0.53 | %) | 4,986 | 56 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.77 | (0.02 | ) | 1.33 | 1.31 | (0.01 | ) | (0.21 | ) | (0.22 | ) | 12.86 | 1.89 | % | 1.30 | % | (0.16 | %) | 11.17 | % | 2,367 | 62 | % | |||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.68 | (0.00 | )(8) | 2.19 | 2.19 | (0.10 | ) | — | (0.10 | ) | 11.77 | 3.44 | % | 1.30 | % | (0.04 | %) | 22.70 | % | 1,759 | 62 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.57 | 0.58 | — | — | — | 9.68 | 17.67 | % | 1.30 | % | 0.31 | % | 6.37 | % | 324 | 27 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $11.94 | ($0.04 | ) | ($0.18 | ) | ($0.22 | ) | $— | $— | $— | $11.72 | 2.49 | % | 2.00 | % | (0.71 | %) | (1.84 | %) | $925 | 21 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.76 | (0.12 | ) | (0.05 | ) | (0.17 | ) | — | (0.65 | ) | (0.65 | ) | 11.94 | 2.47 | % | 2.05 | % | (0.96 | %) | (1.17 | %) | 902 | 56 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.76 | (0.11 | ) | 1.32 | 1.21 | — | (0.21 | ) | (0.21 | ) | 12.76 | 2.64 | % | 2.05 | % | (0.91 | %) | 10.32 | % | 797 | 62 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.66 | (0.09 | ) | 2.19 | 2.10 | — | — | — | 11.76 | 4.19 | % | 2.05 | % | (0.79 | %) | 21.74 | % | 641 | 62 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | (0.01 | ) | 0.57 | 0.56 | — | — | — | 9.66 | 18.42 | % | 2.05 | % | (0.44 | %) | 6.15 | % | 130 | 27 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.32 | $0.02 | ($0.18 | ) | ($0.16 | ) | $— | $— | $— | $12.16 | 1.49 | % | 1.00 | % | 0.28 | % | (1.30 | %) | $12,417 | 21 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 13.04 | 0.01 | (0.07 | ) | (0.06 | ) | (0.01 | ) | (0.65 | ) | (0.66 | ) | 12.32 | 1.47 | % | 1.05 | % | 0.04 | % | (0.26 | %) | 13,220 | 56 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.90 | 0.01 | 1.35 | 1.36 | (0.01 | ) | (0.21 | ) | (0.22 | ) | 13.04 | 1.64 | % | 1.05 | % | 0.09 | % | 11.45 | % | 14,767 | 62 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.68 | 0.02 | 2.21 | 2.23 | (0.01 | ) | — | (0.01 | ) | 11.90 | 3.19 | % | 1.05 | % | 0.21 | % | 23.03 | % | 8,265 | 62 | % | |||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.57 | 0.58 | — | — | — | 9.68 | 17.42 | % | 1.05 | % | 0.56 | % | 6.37 | % | 153 | 27 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $11.29 | $0.02 | ($0.17 | ) | ($0.15 | ) | $— | $— | $— | $11.14 | 1.34 | % | 0.95 | % | 0.33 | % | (1.33 | %) | $583 | 21 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.00 | 0.01 | (0.06 | ) | (0.05 | ) | (0.01 | ) | (0.65 | ) | (0.66 | ) | 11.29 | 1.32 | % | 1.00 | % | 0.09 | % | (0.18 | %) | 658 | 56 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.95 | 0.02 | 1.24 | 1.26 | — | (0.21 | ) | (0.21 | ) | 12.00 | 1.49 | % | 1.00 | % | 0.14 | % | 11.54 | % | 457 | 62 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.67 | 0.03 | 2.17 | 2.20 | (0.92 | ) | — | (0.92 | ) | 10.95 | 3.04 | % | 1.00 | % | 0.26 | % | 23.03 | % | 140 | 62 | % | |||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.31 | 0.02 | (0.60 | ) | (0.58 | ) | (0.06 | ) | — | (0.06 | ) | 9.67 | 10.38 | % | 1.00 | % | 0.61 | % | (5.68 | %) | 497 | 27 | % | |||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.02 | 0.29 | 0.31 | — | — | — | 10.31 | 30.41 | % | 1.00 | % | 0.24 | % | 3.10 | % | 516 | 27 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap Value(11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.10 | $0.04 | $0.31 | $0.35 | $— | $— | $— | $9.45 | 1.75 | % | 1.25 | % | 0.78 | % | 3.85 | % | $1,541 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.17 | 0.03 | (0.49 | ) | (0.46 | ) | (0.03 | ) | (1.58 | ) | (1.61 | ) | 9.10 | 1.67 | % | 1.30 | % | 0.30 | % | (3.68 | %) | 1,298 | 51 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.52 | 0.02 | 0.62 | 0.64 | (0.03 | ) | (0.96 | ) | (0.99 | ) | 11.17 | 1.65 | % | 1.30 | % | 0.14 | % | 5.41 | % | 1,105 | 47 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.03 | 2.13 | 2.16 | (0.06 | ) | (0.05 | ) | (0.11 | ) | 11.52 | 1.90 | % | 1.30 | % | 0.23 | % | 22.65 | % | 743 | 76 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.02 | 0.65 | 0.67 | — | — | — | 9.47 | 15.99 | % | 1.30 | % | 0.97 | % | 7.73 | % | 148 | 17 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $8.94 | $0.00 | (8) | $0.30 | $0.30 | $— | $— | $— | $9.24 | 2.50 | % | 2.00 | % | 0.03 | % | 3.36 | % | $1,161 | 22 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.06 | (0.05 | ) | (0.49 | ) | (0.54 | ) | — | (1.58 | ) | (1.58 | ) | 8.94 | 2.42 | % | 2.05 | % | (0.45 | %) | (4.47 | %) | 1,287 | 51 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.46 | (0.07 | ) | 0.63 | 0.56 | — | (0.96 | ) | (0.96 | ) | 11.06 | 2.40 | % | 2.05 | % | (0.61 | %) | 4.72 | % | 1,568 | 47 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.46 | (0.06 | ) | 2.12 | 2.06 | (0.01 | ) | (0.05 | ) | (0.06 | ) | 11.46 | 2.65 | % | 2.05 | % | (0.52 | %) | 21.81 | % | 1,105 | 76 | % | |||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.00 | (8) | 0.66 | 0.66 | — | — | — | 9.46 | 16.74 | % | 2.05 | % | 0.22 | % | 7.50 | % | 121 | 17 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-20
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap Value (Continued)(11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.16 | $0.05 | $0.31 | $0.36 | $— | $— | $— | $9.52 | 1.50 | % | 1.00 | % | 1.03 | % | 3.93 | % | $13,085 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.24 | 0.06 | (0.51 | ) | (0.45 | ) | (0.05 | ) | (1.58 | ) | (1.63 | ) | 9.16 | 1.42 | % | 1.05 | % | 0.55 | % | (3.51 | %) | 11,664 | 51 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.59 | 0.05 | 0.63 | 0.68 | (0.07 | ) | (0.96 | ) | (1.03 | ) | 11.24 | 1.40 | % | 1.05 | % | 0.39 | % | 5.70 | % | 15,511 | 47 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.48 | 0.05 | 2.15 | 2.20 | (0.04 | ) | (0.05 | ) | (0.09 | ) | 11.59 | 1.65 | % | 1.05 | % | 0.48 | % | 23.02 | % | 20,617 | 76 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.02 | 0.66 | 0.68 | — | — | — | 9.48 | 15.74 | % | 1.05 | % | 1.22 | % | 7.84 | % | 261 | 17 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $9.12 | $0.05 | $0.32 | $0.37 | $— | $— | $— | $9.49 | 1.35 | % | 0.95 | % | 1.08 | % | 4.06 | % | $3,165 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.21 | 0.07 | (0.52 | ) | (0.45 | ) | (0.06 | ) | (1.58 | ) | (1.64 | ) | 9.12 | 1.27 | % | 1.00 | % | 0.60 | % | (3.52 | %) | 3,134 | 51 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.55 | 0.05 | 0.64 | 0.69 | (0.07 | ) | (0.96 | ) | (1.03 | ) | 11.21 | 1.25 | % | 1.00 | % | 0.44 | % | 5.78 | % | 9,657 | 47 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.06 | 2.13 | 2.19 | (0.06 | ) | (0.05 | ) | (0.11 | ) | 11.55 | 1.50 | % | 1.00 | % | 0.53 | % | 23.02 | % | 9,655 | 76 | % | ||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.14 | 0.04 | (0.49 | ) | (0.45 | ) | (0.12 | ) | (0.10 | ) | (0.22 | ) | 9.47 | 16.02 | % | 1.00 | % | 1.27 | % | (4.37 | %) | 1,118 | 17 | % | ||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.06 | 0.08 | 0.14 | — | — | — | 10.14 | 26.85 | % | 1.00 | % | 0.63 | % | 1.40 | % | 706 | 29 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $11.97 | ($0.04 | ) | ($0.61 | ) | ($0.65 | ) | $— | $— | $— | $11.32 | 1.59 | % | 1.20 | % | (0.64 | %) | (5.35 | %) | $3,012 | 16 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.26 | (0.08 | ) | 0.73 | 0.65 | — | (0.94 | ) | (0.94 | ) | 11.97 | 1.56 | % | 1.26 | % | (0.63 | %) | 5.65 | % | 3,126 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.14 | (0.08 | ) | 1.68 | 1.60 | — | (0.48 | ) | (0.48 | ) | 12.26 | 1.62 | % | 1.30 | % | (0.65 | %) | 14.51 | % | 713 | 51 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.61 | (0.07 | ) | 1.80 | 1.73 | — | (0.20 | ) | (0.20 | ) | 11.14 | 1.93 | % | 1.30 | % | (0.68 | %) | 17.83 | % | 514 | 49 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.01 | ) | 0.35 | 0.34 | — | — | — | 9.61 | 12.44 | % | 1.30 | % | (0.70 | %) | 3.88 | % | 43 | 7 | % | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $11.65 | ($0.08 | ) | ($0.59 | ) | ($0.67 | ) | $— | $— | $— | $10.98 | 2.34 | % | 2.00 | % | (1.44 | %) | (5.75 | %) | $862 | 16 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.06 | (0.17 | ) | 0.70 | 0.53 | — | (0.94 | ) | (0.94 | ) | 11.65 | 2.31 | % | 2.05 | % | (1.42 | %) | 4.82 | % | 959 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.05 | (0.16 | ) | 1.65 | 1.49 | — | (0.48 | ) | (0.48 | ) | 12.06 | 2.37 | % | 2.05 | % | (1.40 | %) | 13.62 | % | 759 | 51 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.61 | (0.15 | ) | 1.79 | 1.64 | — | (0.20 | ) | (0.20 | ) | 11.05 | 2.68 | % | 2.05 | % | (1.43 | %) | 17.14 | % | 187 | 49 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.03 | ) | 0.37 | 0.34 | — | — | — | 9.61 | 13.19 | % | 2.05 | % | (1.45 | %) | 3.67 | % | 34 | 7 | % | ||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.08 | ($0.03 | ) | ($0.61 | ) | ($0.64 | ) | $— | $— | $— | $11.44 | 1.19 | % | 1.00 | % | (0.44 | %) | (5.30 | %) | $21,118 | 16 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.35 | (0.05 | ) | 0.72 | 0.67 | — | (0.94 | ) | (0.94 | ) | 12.08 | 1.16 | % | 1.05 | % | (0.42 | %) | 5.86 | % | 23,955 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.19 | (0.05 | ) | 1.69 | 1.64 | — | (0.48 | ) | (0.48 | ) | 12.35 | 1.22 | % | 1.05 | % | (0.40 | %) | 14.80 | % | 26,764 | 51 | % | ||||||||||||||||||||||||||||||||||
6/8/2016 - 3/31/2017 | 10.06 | (0.04 | ) | 1.37 | 1.33 | — | (0.20 | ) | (0.20 | ) | 11.19 | 1.43 | % | 1.05 | % | (0.43 | %) | 13.29 | % | 12,385 | 49 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.08 | ($0.03 | ) | ($0.60 | ) | ($0.63 | ) | $— | $— | $— | $11.45 | 1.34 | % | 1.00 | % | (0.44 | %) | (5.22 | %) | $5,033 | 16 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.35 | (0.05 | ) | 0.72 | 0.67 | — | (0.94 | ) | (0.94 | ) | 12.08 | 1.31 | % | 1.05 | % | (0.42 | %) | 5.86 | % | 5,288 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.19 | (0.05 | ) | 1.69 | 1.64 | — | (0.48 | ) | (0.48 | ) | 12.35 | 1.37 | % | 1.05 | % | (0.40 | %) | 14.80 | % | 13,574 | 51 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.64 | (0.05 | ) | 1.80 | 1.75 | — | (0.20 | ) | (0.20 | ) | 11.19 | 1.68 | % | 1.05 | % | (0.43 | %) | 18.23 | % | 13,321 | 49 | % | ||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.01 | ) | 0.38 | 0.37 | — | — | — | 9.64 | 12.19 | % | 1.05 | % | (0.45 | %) | 3.99 | % | 234 | 7 | % | ||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (7) | $12.12 | ($0.02 | ) | ($0.61 | ) | ($0.63 | ) | $— | $— | $— | $11.49 | 1.19 | % | 0.85 | % | (0.29 | %) | (5.20 | %) | $1,981 | 16 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 12.38 | (0.04 | ) | 0.72 | 0.68 | — | (0.94 | ) | (0.94 | ) | 12.12 | 1.16 | % | 0.90 | % | (0.27 | %) | 5.92 | % | 2,287 | 72 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.20 | (0.03 | ) | 1.69 | 1.66 | — | (0.48 | ) | (0.48 | ) | 12.38 | 1.22 | % | 0.90 | % | (0.25 | %) | 14.97 | % | 10,826 | 51 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.63 | (0.03 | ) | 1.80 | 1.77 | (0.00 | )(8) | (0.20 | ) | (0.20 | ) | 11.20 | 1.53 | % | 0.90 | % | (0.28 | %) | 18.47 | % | 9,680 | 49 | % | |||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.00 | )(8) | 0.36 | 0.36 | — | — | — | 9.63 | 12.04 | % | 0.90 | % | (0.29 | %) | 3.88 | % | 411 | 7 | % |
See Notes to Financial Statements | See explanation of referenceson B-22 |
B-21
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended, were as follows:
(1) | For share classes that commenced operations after April 1, 2014, the first date reported represents the commencement date of operations for that share class. |
(2) | Net investment income (loss) per share has been calculated using the average shares method. |
(3) | The ratios are annualized for periods of less than one full year. |
(4) | The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios for all the Portfolio Optimization Funds do not include fees and expenses of the underlying funds in which the Portfolio Optimization Funds invest. |
(5) | The total returns include reinvestment of all dividends and capital gain distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year. |
(6) | Class B shares were converted to Class A shares on July 31, 2019. |
(7) | Unaudited for the six-month period ended September 30, 2019. |
(8) | Reflects an amount rounding to less than $0.01 per share. |
(9) | The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2019 are as follows: |
Fund | Class A | Class C | Class I | Class P | Advisor Class | |||||
Pacific Funds Floating Rate Income | 0.99% | 1.69% | 0.69% | 0.69% | 0.74% |
(10) | Includes $0.01 per share return of capital distribution. |
(11) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund prior to April 1, 2016: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end prior to the reorganization and (ii) the period from December 1, 2015 or class commencement date through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization. |
See Notes to Financial Statements |
B-22
Table of Contents
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, management investment company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2019, the Trust was comprised of thirty-four separate funds, eighteen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”):
Fund |
Pacific FundsSM Portfolio Optimization Conservative (1) |
Pacific FundsSM Portfolio Optimization Moderate-Conservative (1) |
Pacific FundsSM Portfolio Optimization Moderate (1) |
Pacific FundsSM Portfolio Optimization Growth (1) |
Pacific FundsSM Portfolio Optimization Aggressive-Growth (1) |
Pacific FundsSM Ultra Short Income (2) |
Pacific FundsSM Short Duration Income (2) |
Pacific FundsSM Core Income (2) |
Pacific FundsSM Strategic Income (2) |
Fund |
Pacific FundsSM Floating Rate Income (2) |
Pacific FundsSM High Income (2) |
Pacific FundsSM Diversified Income |
Pacific FundsSM Large-Cap (3) |
Pacific FundsSM Large-Cap Value (3) |
Pacific FundsSM Small/Mid-Cap (3) |
Pacific FundsSM Small-Cap (3) |
Pacific FundsSM Small-Cap Value (3) |
Pacific FundsSM Small-Cap Growth (3) |
(1) | These Funds are collectively known as the “Portfolio Optimization Funds”. |
(2) | These Funds are collectively known as the “PF Fixed Income Funds”. |
(3) | These Funds are collectively known as the “PF U.S. Equity Funds”. |
The Portfolio Optimization Funds offer Class A, Class C, and Advisor Class shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge (ii) Class C shares are subject to a maximum 1.00% contingent deferred sales charge (“CDSC”); and (iii) Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1.00% on redemptions of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date. Effective July 31, 2019, all Class B shares were converted to Class A shares within each Fund, and Class B shares were concurrently terminated.
The PF Fixed Income Funds offer Class A, Class C, Class I, and Advisor Class shares, except Pacific Funds Ultra Short Income (which offers Class I and Advisor Class shares only). Additionally, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income offer Class P shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares of Pacific Funds Short Duration Income and Pacific Funds Floating Rate Income are subject to a maximum 3.00% front-end sales charge, and Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class P, and Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.
The Pacific Funds Diversified Income offers Advisor Class shares only.
The PF U.S. Equity Funds offer Class A, Class C, Advisor Class, and Class S shares. Additionally, Pacific Funds Small-Cap Growth offers Class P shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class P, Advisor Class, and Class S shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.
The Trust’s distributor receives all net commissions (front-end sales charges and CDSCs) from the sales of all applicable share classes (see Note 6).
The Portfolio Optimization Funds invest their assets in Class P shares of certain other funds of the Trust (collectively, the “PF Underlying Funds”) as well as Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth.
There is a separate semi-annual report containing the financial statements for the PF Underlying Funds, which is available without charge.For information on how to obtain the semi-annual report for these Funds, see the Where to Go for More Information section of this report on page D-5.
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Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
A. INVESTMENT TRANSACTIONS AND INCOME
Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.
B. DISTRIBUTIONS TO SHAREHOLDERS
For the Portfolio Optimization Funds and PF U.S. Equity Funds, dividends on net investment income, if any, are generally declared and paid annually. For the PF Fixed Income Funds (except Pacific Funds Floating Rate Income, Pacific Funds Ultra Short Income), and Pacific Funds Diversified Income, dividends on net investment income, if any, are generally declared and paid monthly. For Pacific Funds Floating Rate Income and Pacific Funds Ultra Short Income, dividends, if any, are generally declared daily and paid monthly. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders.
All realized capital gains are distributed at least annually for each Fund. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
C. FOREIGN CURRENCY TRANSLATION
The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.
None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.
D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES
Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.
E. OFFERING COSTS
A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.
3. VALUATION AND FAIR VALUE MEASUREMENTS
A. VALUATION POLICY
The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or
C-2
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy.
B. DETERMINATION OF NET ASSET VALUE (“NAV”)
Each Fund presented in these financial statements is divided into shares and share classes. The price per share of each class of a Fund’s shares is called the NAV. The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.
Each Fund’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.
Each Fund’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the SEC), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.
Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.
C. INVESTMENT VALUATION
The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.
Domestic Equity Investments
For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.
Over-the-Counter (“OTC”) Investments
OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s Valuation Policy.
Domestic and Foreign Debt Investments
Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.
Investments in Mutual Funds
Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.
Investment Values Determined by a Valuation Committee
The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC, or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.
Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.
C-3
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
D. FAIR VALUE MEASUREMENTS AND DISCLOSURES
The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• Level 1 - | Quoted prices (unadjusted) in active markets for identical investments |
• Level 2 - | Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data |
• Level 3 - | Significant unobservable inputs that are not corroborated by observable market data |
The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material policy changes, as determined by the Trust’s CCO, requiring approval by the Board.
The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of September 30, 2019, as categorized under the three-tier hierarchy of inputs, can be found in each Fund’s Schedule of Investments.
The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:
Equity Securities (Common and Preferred Stock) and Mutual Funds
Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published NAV and are categorized as Level 1.
U.S. Treasury Obligations
U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Mortgage-Backed and Asset-Backed Securities
Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.
Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Municipal Bonds
Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
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Foreign Government Bonds and Notes
Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Corporate Bonds and Notes and U.S. Government Agency Issues
Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Swap Agreements
Total Return Swaps– Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Senior Loan Notes
Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Credit-Oriented Investments
For non-publicly traded instruments that represent debt to the Trust, the carrying amount approximates fair value due to the relativelyshort-term maturity of these financial instruments. The Trust may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of each Fund as applicable. Consideration may also include an evaluation of collateral. To the extent that these inputs are observable and timely, the fair values for credit-oriented investments are categorized as Level 2; otherwise the fair values would be categorized as Level 3.
4. INVESTMENTS AND RISKS
General Investment Risks
An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.
A Fund’s transactions in listed securities are settled/paid for upon delivery to or from their counterparties; therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.
Market and Regulatory Risks
Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.
LIBOR Phaseout Risk
The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for
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instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.
Fund of Funds Investments
The Portfolio Optimization Funds are exposed to the same risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. This semi-annual report contains information about the risks associated with investing in Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth. The semi-annual report for the PF Underlying Funds contains information about the risks associated with investing in the PF Underlying Funds. Allocations among the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Portfolio Optimization Funds may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth (See Note 7C).
Equity Investments
Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.
Debt Investments
Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.
Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.
Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.
Foreign and Emerging Markets Investments
Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.
The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. The exact time frame for the implementation of Brexit is unknown and may change. Brexit may also
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increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.
The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk, and geographic focus risk, among other risks.
Senior Loan Participations and Assignments
Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR, Secured Overnight Financing Rate, or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.
When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2019, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of September 30, 2019, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income had unfunded loan commitments of $500,000, $1,250,000, $1,635,135, $8,514,747, and $22,523, respectively (see details in the Notes to Schedules of Investments).
Mortgage-Related and Other Asset-Backed Securities
Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust, or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.
U.S. Government Securities
Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies, or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage
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Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.
When-Issued Securities
Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
Segregation and Collateral
If a Fund engages in certain transactions, such as derivative investments or repurchase agreements, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/or the manager of the Fund. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.
5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS
A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES
Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts, and swap agreements. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.
Interest Rate Risk– A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.
Foreign Investments and Currency Risk– A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.
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Price Volatility Risk– Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
Credit and Counterparty Risk– Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.
Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.
B. DERIVATIVE INVESTMENTS
In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below. The Portfolio Optimization Funds are exposed to the same derivative risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. The semi-annual report of the PF Underlying Funds discusses in further detail the derivative instruments and the reasons a PF Underlying Fund invested in derivatives during the reporting period.
Swap Agreements– Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.
Total Return Swaps– A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.
A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.
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None of the Funds presented in these financial statements held total return swaps as of September 30, 2019.
C. ENFORCEABLE MASTER NETTING ARRANGEMENTS
Master Agreements and Netting Arrangements– Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.
None of the Funds presented in these financial statements were subject to enforceable master agreements with netting arrangements as of September 30, 2019.
6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as Investment Adviser to each Fund of the Trust. PLFA directly manages the Portfolio Optimization Funds. PLFA also manages the PF Fixed Income Funds under the name Pacific Asset Management (the Pacific Funds Diversified Income is managed by both Pacific Asset Management and sub-adviser Cadence Capital Management LLC). PLFA has retained another investment management firm to sub-advise the PF U.S. Equity Funds. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise certain Funds presented in these financial statements. PLFA, as Investment Adviser of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. PLFA receives investment advisory fees from each Fund which are based on the following annual percentage of the average daily net assets of each Fund:
Fund | Advisory Fee Rate | Advisory Fee Waiver through July 31, 2020 | Sub-Adviser(s) | |||
Pacific Funds Portfolio Optimization Conservative Pacific Funds Portfolio Optimization Moderate-Conservative Pacific Funds Portfolio Optimization Moderate Pacific Funds Portfolio Optimization Growth Pacific Funds Portfolio Optimization Aggressive-Growth | 0.20% | 0.025% above $2 billion to $3 billion 0.050% on next $2 billion 0.075% on next $2.5 billion 0.100% on excess | ||||
Pacific Funds Ultra Short Income | 0.25% | |||||
Pacific Funds Short Duration Income | 0.40% | 0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess | ||||
Pacific Funds Core Income | 0.50% | |||||
Pacific Funds Strategic Income Pacific Funds High Income | 0.60% | |||||
Pacific Funds Floating Rate Income | 0.65% | |||||
Pacific Funds Diversified Income | 0.35% | Cadence Capital Management LLC (co-managed with PAM) | ||||
Pacific Funds Large-Cap (1) | 0.45% | Rothschild & Co Asset Management US Inc. | ||||
Pacific Funds Large-Cap Value (1) | 0.55% | Rothschild & Co Asset Management US Inc. | ||||
Pacific Funds Small/Mid-Cap (1) Pacific Funds Small-Cap (1) Pacific Funds Small-Cap Value (1) Pacific Funds Small-Cap Growth (1) | 0.75% | Rothschild & Co Asset Management US Inc. |
(1) | Reflects new advisory fee rates effective June 28, 2019. |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The advisory fee and advisory fee waiver rates for the PF U.S. Equity Funds prior to June 28, 2019 were:
Fund | Advisory Fee Rate | Advisory Fee Waiver | ||
Pacific FundsLarge-Cap | 0.65% | 0.10% | ||
Pacific FundsLarge-Cap Value | 0.65% | |||
Pacific FundsSmall/Mid-Cap Pacific FundsSmall-Cap Pacific FundsSmall-Cap Value Pacific FundsSmall-Cap Growth | 0.85% |
Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Investment Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust), to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust. Support services do not include services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.
Pacific Life receives an administration fee from each Fund and applicable share class presented in these financial statements, which are based on the following annual percentage of average daily net assets of each Fund:
Fund | Share Class (1) | Administration Fee Rate | ||
Portfolio Optimization Funds | A, B, C, and Advisor | 0.15% | ||
Pacific Funds Ultra Short Income | Advisor | 0.30% | ||
I | 0.15% | |||
Pacific Funds Short Duration Income Pacific Funds Strategic Income | A, C, and Advisor | 0.30% | ||
I | 0.15% | |||
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income | A, C, and Advisor | 0.30% | ||
I and P | 0.15% | |||
Pacific Funds Diversified Income | Advisor | 0.30% | ||
PF U.S. Equity Funds | A, C, and Advisor | 0.30% | ||
S | 0.15% | |||
Pacific Funds Small-Cap Growth | P | 0.15% |
(1) | Class B shares were converted to Class A shares on July 31, 2019 (see Note 1 in Notes to Financial Statements). |
Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (together the “12b-1 Plans”) for Class B, C, and R shares. The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (“Class A Plan”). The Distributor receives distribution and/or service fees from each Fund and applicable share class presented in these financial statements, which are based on the following annual percentages of average daily net assets:
Plan | Share Class | Distribution Fee Rate | Service Fee Rate | |||
12b-1 Plans | B (1) and C | 0.75% | 0.25% | |||
Class A Plan | A | 0.25% |
(1) | Class B shares were converted to Class A shares on July 31, 2019 (see Note 1 in Notes to Financial Statements). |
There are no distribution and service fees for Class I, Class P, Advisor Class, and Class S shares. The distribution and service fees are accrued daily. For the period ended September 30, 2019, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $2,451,328 from the sale of Class A shares and received $24,506 in CDSC from redemptions of Class A, B, and C shares.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES, AND EXPENSES FOR SUPPORT SERVICES
The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, the distribution and/or service fees earned by the Distributor, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
period ended September 30, 2019 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2019 are presented in the Statements of Assets and Liabilities.
B. EXPENSE LIMITATION AGREEMENTS
To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets (“expense cap”). These operating expenses include, but are not limited to: administration fees and expenses; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees and expenses; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of each Fund’s business. The expense caps for each Fund and share class presented in these financial statements are as follows:
Fund | Share Class (1) | Expense Caps | ||
Portfolio Optimization Funds | A, B, C, and Advisor | 0.15% through 7/31/2020 and 0.30% thereafter through 7/31/2023 | ||
Pacific Funds Ultra Short Income | I and Advisor | 0.07% through 7/31/2022 | ||
Pacific Funds Short Duration Income | A, C, I, and Advisor | 0.10% through 7/31/2020 | ||
Pacific Funds Core Income | A and C | 0.10% through 7/31/2020 | ||
I, Advisor, and P | 0.05% through 7/31/2020 | |||
Pacific Funds Strategic Income | A and Advisor | 0.10% through 7/31/2020 | ||
C and I | 0.05% through 7/31/2020 | |||
Pacific Funds Floating Rate Income | A and Advisor | 0.10% through 7/31/2020 | ||
C, I, and P | 0.05% through 7/31/2020 | |||
Pacific Funds High Income | A, I, Advisor, and P | 0.10% through 7/31/2020 | ||
C | 0.05% through 7/31/2020 | |||
Pacific Funds Diversified Income | Advisor | 0.10% through 7/31/2022 | ||
Pacific Funds Large-Cap | A | 0.20% through 7/31/2020 | ||
Pacific Funds Large-Cap Value | C and Advisor | 0.20% through 7/31/2020 | ||
S | 0.10% through 7/31/2020 | |||
Pacific Funds Small/Mid-Cap | A | 0.20% through 7/31/2020 | ||
Pacific Funds Small-Cap | C and Advisor | 0.20% through 7/31/2020 | ||
Pacific Funds Small-Cap Value | S | 0.15% through 7/31/2020 | ||
Pacific Funds Small-Cap Growth | A | 0.15% through 7/31/2020 | ||
C, Advisor, and P | 0.20% through 7/31/2020 | |||
S | 0.05% through 7/31/2020 |
(1) | Class B shares were converted to Class A shares on July 31, 2019 (see Note 1 in Notes to Financial Statements). |
There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the period ended September 30, 2019 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2019 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of September 30, 2019 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Fund | 3/31/2020 | 3/31/2021 | 3/31/2022 | 3/31/2023 | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $290,877 | $250,155 | $230,770 | $108,613 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 376,333 | 334,819 | 305,325 | 140,147 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | 946,295 | 841,944 | 774,354 | 359,060 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | 694,650 | 646,561 | 602,203 | 284,950 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 256,470 | 256,481 | 253,140 | 125,266 | ||||||||||||
Pacific Funds Ultra Short Income | 45,969 | |||||||||||||||
Pacific Funds Short Duration Income | 600,137 | 1,000,932 | 1,385,844 | 1,093,359 | ||||||||||||
Pacific Funds Core Income | 1,321,088 | 2,102,504 | 1,843,904 | 1,047,768 | ||||||||||||
Pacific Funds Strategic Income | 587,614 | 1,246,313 | 1,612,421 | 903,148 | ||||||||||||
Pacific Funds Floating Rate Income | 1,512,901 | 3,114,566 | 4,391,138 | 2,086,950 | ||||||||||||
Pacific Funds High Income | 118,054 | 119,953 | 169,374 | 115,417 | ||||||||||||
Pacific Funds Diversified Income | 59,127 | |||||||||||||||
Pacific FundsLarge-Cap | 136,174 | 87,705 | 85,164 | 45,552 | ||||||||||||
Pacific FundsLarge-Cap Value | 157,996 | 111,953 | 98,891 | 44,603 | ||||||||||||
Pacific FundsSmall/Mid-Cap | 202,048 | 341,697 | 493,273 | 324,318 |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund | 3/31/2020 | 3/31/2021 | 3/31/2022 | 3/31/2023 | ||||||||||||
Pacific FundsSmall-Cap | $135,916 | $88,698 | $94,696 | $46,317 | ||||||||||||
Pacific FundsSmall-Cap Value | 161,192 | 104,441 | 90,131 | 42,849 | ||||||||||||
Pacific FundsSmall-Cap Growth | 150,256 | 107,736 | 103,024 | 41,657 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $7,648,001 | $10,756,458 | $12,533,652 | $6,915,070 | ||||||||||||
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|
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There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2019.
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2019, each of the Portfolio Optimization Funds (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth. A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended September 30, 2019 is as follows:
Fund/Underlying Fund | Beginning Value as of April 1, 2019 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) (3) | Change in Unrealized Appreciation (Depreciation) | As of September 30, 2019 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $7,598,484 | $32,814 | $116,952 | $928,491 | $4,000 | $297,342 | $7,121,101 | 647,373 | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 6,356,221 | 44,233 | 157,185 | 531,051 | (12,296 | ) | 33,872 | 6,048,164 | 609,080 | |||||||||||||||||||||||
Pacific Funds High Income | 16,618,804 | 97,666 | 442,420 | 1,569,545 | (18,366 | ) | 246,536 | 15,817,515 | 1,562,996 | |||||||||||||||||||||||
PF Inflation Managed | 14,124,612 | 69,227 | — | 1,571,329 | 31,693 | 534,936 | 13,189,139 | 1,436,725 | ||||||||||||||||||||||||
PF Managed Bond | 93,902,067 | 406,571 | — | 11,373,739 | 150,485 | 5,058,980 | 88,144,364 | 7,884,111 | ||||||||||||||||||||||||
PF Short Duration Bond | 37,048,639 | 2,738,855 | — | 3,136,005 | 16,483 | 793,807 | 37,461,779 | 3,690,816 | ||||||||||||||||||||||||
PF Emerging Markets Debt | 12,751,835 | 60,344 | — | 1,205,792 | 1,614 | 134,017 | 11,742,018 | 1,268,037 | ||||||||||||||||||||||||
Pacific FundsSmall-Cap Growth | 760,923 | 6,066 | — | 62,598 | (12,204 | ) | (26,364 | ) | 665,823 | 58,201 | ||||||||||||||||||||||
PF Developing Growth | 498,405 | 2,949 | — | 53,517 | 995 | (13,057 | ) | 435,775 | 24,441 | |||||||||||||||||||||||
PF Growth | 2,323,716 | 10,578 | — | 334,833 | 21,269 | 155,084 | 2,175,814 | 74,184 | ||||||||||||||||||||||||
PFLarge-Cap Value | 4,668,784 | 26,066 | — | 506,802 | 14,443 | 278,427 | 4,480,918 | 351,997 | ||||||||||||||||||||||||
PF Multi-Asset | 37,434,469 | 202,761 | — | 4,160,279 | 84,136 | 1,770,275 | 35,331,362 | 3,423,582 | ||||||||||||||||||||||||
PFSmall-Cap Value | 1,255,559 | 9,637 | — | 120,731 | (25,614 | ) | 49,585 | 1,168,436 | 139,598 | |||||||||||||||||||||||
PF Emerging Markets | 5,103,493 | 19,340 | — | 2,950,823 | 186,757 | (227,705 | ) | 2,131,062 | 145,267 | |||||||||||||||||||||||
PF InternationalLarge-Cap | 1,396,039 | 8,268 | — | 150,672 | 4,467 | 68,585 | 1,326,687 | 108,301 | ||||||||||||||||||||||||
PF InternationalSmall-Cap | 1,272,421 | 9,281 | — | 121,509 | (15,331 | ) | (396 | ) | 1,144,466 | 120,979 | ||||||||||||||||||||||
PF International Value | 1,375,816 | 11,120 | — | 114,778 | (1,993 | ) | (7,858 | ) | 1,262,307 | 169,437 | ||||||||||||||||||||||
PF Real Estate | 3,877,366 | 16,685 | — | 505,001 | (5,503 | ) | 406,015 | 3,789,562 | 278,031 | |||||||||||||||||||||||
PF Currency Strategies | 3,796,527 | 3,533,237 | — | 478,214 | (15,562 | ) | (20,505 | ) | 6,815,483 | 735,219 | ||||||||||||||||||||||
PF Equity Long/Short (4) | 3,802,632 | 8,714 | — | 3,630,548 | (649,066 | ) | 468,268 | — | — | |||||||||||||||||||||||
$255,966,812 | $7,314,412 | $716,557 | $33,506,257 | ($239,593 | ) | $9,999,844 | $240,251,775 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $8,822,165 | $46,006 | $135,846 | $1,130,308 | $7,545 | $344,142 | $8,225,396 | 747,763 | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 7,416,217 | 67,755 | 183,891 | 656,373 | (15,393 | ) | 40,383 | 7,036,480 | 708,608 | |||||||||||||||||||||||
Pacific Funds High Income | 22,357,375 | 149,535 | 597,023 | 2,263,132 | (25,110 | ) | 334,547 | 21,150,238 | 2,089,944 | |||||||||||||||||||||||
PF Inflation Managed | 9,357,278 | 50,001 | — | 1,084,747 | 24,551 | 353,014 | 8,700,097 | 947,723 | ||||||||||||||||||||||||
PF Managed Bond | 109,150,939 | 581,321 | — | 13,424,562 | 168,003 | 5,916,706 | 102,392,407 | 9,158,534 | ||||||||||||||||||||||||
PF Short Duration Bond | 29,791,079 | 5,709,982 | — | 2,929,230 | 21,208 | 665,199 | 33,258,238 | 3,276,674 | ||||||||||||||||||||||||
PF Emerging Markets Debt | 16,726,117 | 92,822 | — | 1,668,522 | 3,287 | 179,387 | 15,333,091 | 1,655,841 | ||||||||||||||||||||||||
Pacific FundsSmall-Cap Growth | 1,108,836 | 9,369 | — | 94,453 | 12,335 | (68,725 | ) | 967,362 | 84,560 | |||||||||||||||||||||||
PF Developing Growth | 726,274 | 4,190 | — | 83,999 | 14,987 | (31,531 | ) | 629,921 | 35,329 | |||||||||||||||||||||||
PF Growth | 9,783,262 | 51,444 | — | 1,506,107 | 99,301 | 645,382 | 9,073,282 | 309,352 | ||||||||||||||||||||||||
PFLarge-Cap Value | 21,330,322 | 113,549 | — | 2,426,878 | 74,562 | 1,265,968 | 20,357,523 | 1,599,177 | ||||||||||||||||||||||||
PF Multi-Asset | 81,552,140 | 432,709 | — | 9,432,338 | 250,928 | 3,785,368 | 76,588,807 | 7,421,396 | ||||||||||||||||||||||||
PFSmall-Cap Value | 3,659,180 | 30,099 | — | 362,514 | (63,906 | ) | 132,214 | 3,395,073 | 405,624 | |||||||||||||||||||||||
PF Emerging Markets | 13,015,087 | 67,823 | — | 6,647,765 | 632,284 | (720,649 | ) | 6,346,780 | 432,637 | |||||||||||||||||||||||
PF InternationalLarge-Cap | 6,473,127 | 34,260 | — | 732,247 | 22,633 | 316,171 | 6,113,944 | 499,097 | ||||||||||||||||||||||||
PF InternationalSmall-Cap | 3,708,606 | 31,083 | — | 383,054 | (22,657 | ) | (23,267 | ) | 3,310,711 | 349,969 | ||||||||||||||||||||||
PF International Value | 7,108,208 | 59,838 | — | 613,983 | (13,205 | ) | (40,424 | ) | 6,500,434 | 872,542 | ||||||||||||||||||||||
PF Real Estate | 9,418,586 | 50,005 | — | 1,250,852 | (15,578 | ) | 985,651 | 9,187,812 | 674,087 | |||||||||||||||||||||||
PF Currency Strategies | 5,533,000 | 5,178,485 | — | 752,773 | (37,111 | ) | (15,650 | ) | 9,905,951 | 1,068,603 | ||||||||||||||||||||||
PF Equity Long/Short (4) | 5,541,750 | 10,489 | — | 5,288,677 | (926,597 | ) | 663,035 | — | — | |||||||||||||||||||||||
$372,579,548 | $12,770,765 | $916,760 | $52,732,514 | $212,067 | $14,726,921 | $348,473,547 |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund/Underlying Fund | Beginning Value as of April 1, 2019 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) (3) | Change in Unrealized Appreciation (Depreciation) | As of September 30, 2019 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $18,006,462 | $52,096 | $280,098 | $2,053,262 | $17,678 | $707,461 | $17,010,533 | 1,546,412 | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 11,459,848 | 71,921 | 284,149 | 1,029,614 | (24,571 | ) | 62,930 | 10,824,663 | 1,090,097 | |||||||||||||||||||||||
Pacific Funds High Income | 46,123,452 | 208,839 | 1,238,883 | 4,792,358 | (48,735 | ) | 690,020 | 43,420,101 | 4,290,524 | |||||||||||||||||||||||
PF Inflation Managed | 11,582,422 | 47,505 | — | 1,324,675 | 31,542 | 437,062 | 10,773,856 | 1,173,623 | ||||||||||||||||||||||||
PF Managed Bond | 219,577,492 | 17,505,442 | — | 26,555,604 | 404,710 | 12,465,248 | 223,397,288 | 19,981,868 | ||||||||||||||||||||||||
PF Short Duration Bond | 69,140,691 | 349,300 | — | 6,277,063 | 117,876 | 1,354,894 | 64,685,698 | 6,372,975 | ||||||||||||||||||||||||
PF Emerging Markets Debt | 23,004,631 | 67,221 | — | 2,298,811 | 10,776 | 242,444 | 21,026,261 | 2,270,655 | ||||||||||||||||||||||||
Pacific FundsSmall-Cap Growth | 6,862,909 | 34,926 | — | 566,948 | (60,888 | ) | (291,028 | ) | 5,978,971 | 522,637 | ||||||||||||||||||||||
PF Developing Growth | 4,495,080 | 13,440 | — | 506,355 | 12,971 | (115,610 | ) | 3,899,526 | 218,706 | |||||||||||||||||||||||
PF Growth | 86,169,450 | 248,710 | — | 13,216,225 | 894,334 | 5,639,939 | 79,736,208 | 2,718,589 | ||||||||||||||||||||||||
PFLarge-Cap Value | 75,681,904 | 223,506 | — | 8,480,482 | (3,524,375 | ) | 8,273,866 | 72,174,419 | 5,669,632 | |||||||||||||||||||||||
PF Multi-Asset | 401,029,374 | 1,169,616 | — | 43,384,305 | 934,021 | 18,976,768 | 378,725,474 | 36,698,205 | ||||||||||||||||||||||||
PFSmall-Cap Value | 22,646,588 | 116,433 | — | 2,092,079 | (136,138 | ) | 555,236 | 21,090,040 | 2,519,718 | |||||||||||||||||||||||
PF Emerging Markets | 46,031,557 | 145,542 | — | 20,937,887 | 2,823,860 | (3,112,897 | ) | 24,950,175 | 1,700,762 | |||||||||||||||||||||||
PF InternationalLarge-Cap | 19,459,547 | 57,138 | — | 2,167,937 | 66,043 | 949,726 | 18,364,517 | 1,499,144 | ||||||||||||||||||||||||
PF InternationalSmall-Cap | 11,476,951 | 58,217 | — | 1,041,702 | (53,217 | ) | (96,453 | ) | 10,343,796 | 1,093,424 | ||||||||||||||||||||||
PF International Value | 21,997,625 | 113,523 | — | 1,842,592 | (52,123 | ) | (123,441 | ) | 20,092,992 | 2,697,046 | ||||||||||||||||||||||
PF Real Estate | 29,145,205 | 84,026 | — | 3,942,015 | 5,117 | 2,985,343 | 28,277,676 | 2,074,664 | ||||||||||||||||||||||||
PF Currency Strategies | 14,268,549 | 13,331,506 | — | 1,938,784 | (92,312 | ) | (47,028 | ) | 25,521,931 | 2,753,175 | ||||||||||||||||||||||
PF Equity Long/Short (4) | 14,291,047 | — | — | 13,609,494 | (2,416,521 | ) | 1,734,968 | — | — | |||||||||||||||||||||||
$1,152,450,784 | $33,898,907 | $1,803,130 | $158,058,192 | ($1,089,952 | ) | $51,289,448 | $1,080,294,125 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $5,821,489 | $11,316 | $91,157 | $557,882 | $3,733 | $231,235 | $5,601,048 | 509,186 | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 4,417,354 | 20,026 | 109,897 | 373,277 | (8,945 | ) | 23,674 | 4,188,729 | 421,826 | |||||||||||||||||||||||
Pacific Funds High Income | 26,669,108 | 69,730 | 721,539 | 2,353,142 | (23,526 | ) | 395,886 | 25,479,595 | 2,517,747 | |||||||||||||||||||||||
PF Inflation Managed | 4,464,711 | 14,714 | — | 429,090 | 9,497 | 171,459 | 4,231,291 | 460,925 | ||||||||||||||||||||||||
PF Managed Bond | 70,124,800 | 13,119,206 | — | 7,044,098 | 97,247 | 4,286,568 | 80,583,723 | 7,207,846 | ||||||||||||||||||||||||
PF Short Duration Bond | 17,767,979 | 58,949 | — | 1,472,626 | 35,089 | 344,416 | 16,733,807 | 1,648,651 | ||||||||||||||||||||||||
PF Emerging Markets Debt | 13,301,449 | 26,111 | — | 1,155,986 | 15,186 | 128,709 | 12,315,469 | 1,329,964 | ||||||||||||||||||||||||
Pacific FundsSmall-Cap Growth | 10,582,026 | 35,407 | — | 762,242 | (78,753 | ) | (463,077 | ) | 9,313,361 | 814,105 | ||||||||||||||||||||||
PF Developing Growth | 6,930,939 | 13,927 | — | 627,577 | 15,356 | (187,606 | ) | 6,145,039 | 344,646 | |||||||||||||||||||||||
PF Growth | 56,556,688 | 109,669 | — | 7,356,321 | 1,985,511 | 2,304,825 | 53,600,372 | 1,827,493 | ||||||||||||||||||||||||
PFLarge-Cap Value | 52,644,228 | 104,447 | — | 4,706,858 | 292,168 | 3,052,732 | 51,386,717 | 4,036,663 | ||||||||||||||||||||||||
PF Multi-Asset | 439,328,375 | 860,812 | — | 42,857,667 | 847,256 | 20,996,546 | 419,175,322 | 40,617,764 | ||||||||||||||||||||||||
PFSmall-Cap Value | 26,189,940 | 88,517 | — | 1,905,624 | (114,153 | ) | 614,244 | 24,872,924 | 2,971,676 | |||||||||||||||||||||||
PF Emerging Markets | 48,795,883 | 118,022 | — | 17,096,266 | 1,448,444 | (1,683,069 | ) | 31,583,014 | 2,152,898 | |||||||||||||||||||||||
PF InternationalLarge-Cap | 23,827,393 | 47,207 | — | 2,400,751 | 75,894 | 1,172,062 | 22,721,805 | 1,854,841 | ||||||||||||||||||||||||
PF InternationalSmall-Cap | 8,848,134 | 29,505 | — | 638,953 | (32,510 | ) | (83,740 | ) | 8,122,436 | 858,608 | ||||||||||||||||||||||
PF International Value | 26,526,020 | 89,992 | — | 1,937,397 | (80,744 | ) | (123,306 | ) | 24,474,565 | 3,285,176 | ||||||||||||||||||||||
PF Real Estate | 26,963,249 | 52,223 | — | 3,093,969 | (4,742 | ) | 2,806,526 | 26,723,287 | 1,960,623 | |||||||||||||||||||||||
PF Currency Strategies | 8,800,318 | 8,230,980 | — | 1,048,957 | (35,994 | ) | (50,078 | ) | 15,896,269 | 1,714,808 | ||||||||||||||||||||||
PF Equity Long/Short (4) | 8,814,136 | — | — | 8,393,453 | (1,361,216 | ) | 940,533 | — | — | |||||||||||||||||||||||
$887,374,219 | $23,100,760 | $922,593 | $106,212,136 | $3,084,798 | $34,878,539 | $843,148,773 | ||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $314,307 | $2,205 | $5,023 | $22,802 | $580 | $12,323 | $311,636 | 28,331 | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 3,801 | — | 2 | 3,815 | 12 | — | — | — | ||||||||||||||||||||||||
Pacific Funds High Income | 1,559,871 | 12,243 | 43,060 | 99,214 | 744 | 21,206 | 1,537,910 | 151,967 | ||||||||||||||||||||||||
PF Managed Bond | 4,388,991 | 34,281 | — | 319,408 | 13,827 | 237,788 | 4,355,479 | 389,578 | ||||||||||||||||||||||||
PF Short Duration Bond | 1,558,880 | 4,687,527 | — | 258,431 | 1,780 | 77,802 | 6,067,558 | 597,789 | ||||||||||||||||||||||||
PF Emerging Markets Debt | 1,556,007 | 11,231 | — | 86,637 | (56 | ) | 15,878 | 1,496,423 | 161,601 | |||||||||||||||||||||||
Pacific FundsSmall-Cap Growth | 4,641,966 | 39,812 | — | 254,551 | (25,644 | ) | (215,698 | ) | 4,185,885 | 365,899 | ||||||||||||||||||||||
PF Developing Growth | 3,040,477 | 19,336 | — | 218,863 | 4,020 | (86,528 | ) | 2,758,442 | 154,708 | |||||||||||||||||||||||
PF Growth | 31,504,514 | 154,359 | — | 2,896,773 | 641,599 | 1,799,746 | 31,203,445 | 1,063,875 | ||||||||||||||||||||||||
PFLarge-Cap Value | 16,781,066 | 103,555 | — | 1,034,065 | 134,878 | 944,712 | 16,930,146 | 1,329,941 | ||||||||||||||||||||||||
PF Multi-Asset | 176,778,623 | 875,215 | — | 11,134,033 | 253,624 | 8,746,956 | 175,520,385 | 17,007,789 | ||||||||||||||||||||||||
PFSmall-Cap Value | 16,849,568 | 141,826 | — | 933,334 | (53,099 | ) | 376,721 | 16,381,682 | 1,957,190 | |||||||||||||||||||||||
PF Emerging Markets | 18,680,820 | 104,213 | — | 5,631,547 | 679,821 | (781,189 | ) | 13,052,118 | 889,715 | |||||||||||||||||||||||
PF InternationalLarge-Cap | 6,968,174 | 42,902 | — | 459,289 | 58,822 | 312,776 | 6,923,385 | 565,174 | ||||||||||||||||||||||||
PF InternationalSmall-Cap | 4,657,643 | 33,815 | — | 254,551 | (13,387 | ) | (48,961 | ) | 4,374,559 | 462,427 | ||||||||||||||||||||||
PF International Value | 7,935,351 | 68,136 | — | 441,209 | (11,991 | ) | (51,467 | ) | 7,498,820 | 1,006,553 | ||||||||||||||||||||||
PF Real Estate | 9,462,486 | 46,706 | — | 766,387 | (2,784 | ) | 1,016,145 | 9,756,166 | 715,786 | |||||||||||||||||||||||
PF Currency Strategies | 2,316,273 | 2,202,586 | — | 208,660 | (2,618 | ) | (21,852 | ) | 4,285,729 | 462,322 | ||||||||||||||||||||||
PF Equity Long/Short (4) | 2,319,912 | 6,217 | — | 2,214,881 | (362,041 | ) | 250,793 | — | — | |||||||||||||||||||||||
$311,318,730 | $8,586,165 | $48,085 | $27,238,450 | $1,318,087 | $12,607,151 | $306,639,768 |
(1) | Purchase cost excludes distributions received and reinvested, if any. |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
(2) | Distributions received include distributions from net investment income, if any, from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth. |
(3) | Net realized gain (loss) includes capital gains distributions from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth, if any. |
(4) | All shares in the PF Equity Long/Short Fund were fully redeemed during the period ended September 30, 2019. |
As of September 30, 2019, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:
Fund | Ownership Percentage | |||
Pacific Funds Ultra Short Income | 100.00% | |||
Pacific Funds Diversified Income | 100.00% | |||
Pacific Funds Large-Cap Value | 40.09% | |||
Pacific Funds Small-Cap Value | 35.52% | |||
Pacific Funds Small-Cap Growth | 10.14% |
D. INDEPENDENT TRUSTEES
The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A and Class P shares of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of each Fund under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended September 30, 2019, such expenses increased by $3,426 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2019, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $45,706.
E. OFFICERS OF THE TRUST
None of the officers of the Trust received compensation from the Trust.
F. INDEMNIFICATIONS
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
G. INTERFUND TRANSACTIONS
In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board will be asked to determine that the transactions were conducted in compliance with applicable Trust policies and procedures.
For the period ended September 30, 2019, there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.
8. COMMITTED LINE OF CREDIT
The Trust has an unsecured $200,000,000 committed revolving line of credit agreement with a syndicate of banks, which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing under the line of credit agreement is the Federal Funds effective rate, plus 1.20%. Pacific Funds Floating Rate Income paid an upfront fee of 0.025% and pays a commitment fee equal to 0.20% per annum on the daily unused portion of the committed line up to a maximum, including upfront fee, of
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
$450,000. As of September 30, 2019, the actual interest rate on borrowing by the Trust was 3.216%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the period ended September 30, 2019, Pacific Funds Floating Rate Income had no loans outstanding in connection with this revolving line of credit.
9. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2019, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $8,030,969 | $33,506,257 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 13,687,525 | 52,732,514 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 35,702,037 | 158,058,192 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 24,023,353 | 106,212,136 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 8,634,250 | 27,238,450 | ||||||||||||
Pacific Funds Ultra Short Income | 1,200,731 | 499,707 | 22,410,394 | 2,813,967 | ||||||||||||
Pacific Funds Short Duration Income | 58,622,578 | 22,555,000 | 395,387,864 | 194,848,462 | ||||||||||||
Pacific Funds Core Income | 67,438,496 | 49,130,371 | 338,159,966 | 191,031,546 | ||||||||||||
Pacific Funds Strategic Income | — | — | 316,299,333 | 204,332,012 | ||||||||||||
Pacific Funds Floating Rate Income | 495,000 | 497,500 | 898,039,696 | 1,105,159,097 | ||||||||||||
Pacific Funds High Income | — | — | 34,899,829 | 35,258,025 | ||||||||||||
Pacific Funds Diversified Income | 2,102,447 | — | 26,904,813 | 1,205,698 | ||||||||||||
Pacific FundsLarge-Cap | — | — | 7,189,904 | 7,395,879 | ||||||||||||
Pacific FundsLarge-Cap Value | — | — | 4,339,781 | 4,313,975 | ||||||||||||
Pacific FundsSmall/Mid-Cap | — | — | 61,912,806 | 85,241,528 | ||||||||||||
Pacific FundsSmall-Cap | — | — | 3,822,267 | 4,912,851 | ||||||||||||
Pacific FundsSmall-Cap Value | — | — | 4,575,042 | 3,771,580 | ||||||||||||
Pacific FundsSmall-Cap Growth | — | — | 5,163,648 | 7,020,672 |
10. FEDERAL INCOME TAX INFORMATION
Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year or period ended March 31, 2019, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2019:
Distributable Earnings | Late-Year Ordinary and Post-October Losses Deferrals | |||||||||||||||||||||||||||||||
Fund | Accumulated Capital Losses | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late-Year Ordinary Losses | Short-Term Capital Losses | Long-Term Capital Losses | Total | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $78,457 | $474,053 | $— | $— | $— | $— | |||||||||||||||||||||||||
Pacific Funds Portfolio OptimizationModerate-Conservative | — | — | 1,191,046 | 265,871 | — | — | 265,871 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 36,583,909 | 1,286,457 | — | — | 1,286,457 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 41,074,489 | 1,624,522 | — | — | 1,624,522 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 17,856,281 | 364,724 | — | — | 364,724 | |||||||||||||||||||||||||
Pacific Funds Short Duration Income | (2,538,276 | ) | 345,628 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Core Income | (22,574,194 | ) | 572,189 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Strategic Income | (10,252,266 | ) | 747,906 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | (54,035,929 | ) | 1,425,793 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds High Income | (9,624,106 | ) | 84,552 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Large-Cap | — | 43,380 | — | — | 181,330 | — | 181,330 | |||||||||||||||||||||||||
Pacific Funds Large-Cap Value | — | 77,863 | 1,291,253 | — | 319,187 | — | 319,187 | |||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap | — | 117,516 | — | — | 3,050,463 | 1,826,908 | 4,877,371 | |||||||||||||||||||||||||
Pacific Funds Small-Cap | — | — | — | 16,454 | 619,130 | — | 635,584 | |||||||||||||||||||||||||
Pacific Funds Small-Cap Value | — | — | — | 4,052 | 438,737 | — | 442,789 | |||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | — | — | 58,336 | 1,213,535 | — | 1,271,871 |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Accumulated capital losses represent net capital loss carryovers as of March 31, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2019 and capital loss carryover from prior years utilized during the year or period ended March 31, 2019:
Unlimited Period of Net Capital Loss Carryover | Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized During the Year Ended March 31, 2019 | ||||||||||||||
Fund | Short Term | Long Term | ||||||||||||||
Pacific Funds Short Duration Income | ($694,385 | ) | ($1,843,891 | ) | ($2,538,276 | ) | $— | |||||||||
Pacific Funds Core Income | (8,959,078 | ) | (13,615,116 | ) | (22,574,194 | ) | — | |||||||||
Pacific Funds Strategic Income | (2,725,800 | ) | (7,526,466 | ) | (10,252,266 | ) | 680,941 | |||||||||
Pacific Funds Floating Rate Income | (8,051,085 | ) | (45,984,844 | ) | (54,035,929 | ) | — | |||||||||
Pacific Funds High Income | (3,919,736 | ) | (5,704,370 | ) | (9,624,106 | ) | — |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2019, were as follows:
Fund | Total Cost of Investments on Tax Basis (1) | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Net Unrealized Appreciation (Depreciation) on Investments | Net Unrealized Appreciation (Depreciation) on Other (2) | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $229,480,636 | $11,394,345 | ($623,206 | ) | $10,771,139 | $— | $10,771,139 | |||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 330,335,881 | 18,615,918 | (478,252 | ) | 18,137,666 | — | 18,137,666 | |||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | 979,337,928 | 102,112,844 | (1,156,647 | ) | 100,956,197 | — | 100,956,197 | |||||||||||||||||
Pacific Funds Portfolio Optimization Growth | 752,927,065 | 91,088,469 | (866,761 | ) | 90,221,708 | — | 90,221,708 | |||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 269,243,723 | 37,634,236 | (238,191 | ) | 37,396,045 | — | 37,396,045 | |||||||||||||||||
Pacific Funds Ultra Short Income | 25,257,977 | 32,954 | (3,100 | ) | 29,854 | — | 29,854 | |||||||||||||||||
Pacific Funds Short Duration Income | 967,115,125 | 12,078,350 | (613,389 | ) | 11,464,961 | 1,563 | 11,466,524 | |||||||||||||||||
Pacific Funds Core Income | 821,294,407 | 32,996,437 | (2,156,011 | ) | 30,840,426 | 3,906 | 30,844,332 | |||||||||||||||||
Pacific Funds Strategic Income | 733,656,355 | 22,206,253 | (7,607,421 | ) | 14,598,832 | 3,441 | 14,602,273 | |||||||||||||||||
Pacific Funds Floating Rate Income | 1,608,630,287 | 7,594,068 | (18,684,220 | ) | (11,090,152 | ) | 17,702 | (11,072,450 | ) | |||||||||||||||
Pacific Funds High Income | 119,926,036 | 3,739,966 | (2,113,167 | ) | 1,626,799 | (99 | ) | 1,626,700 | ||||||||||||||||
Pacific Funds Diversified Income | 28,111,232 | 806,113 | (731,072 | ) | 75,041 | (136 | ) | 74,905 | ||||||||||||||||
Pacific Funds Large-Cap | 16,990,423 | 3,841,931 | (405,312 | ) | 3,436,619 | — | 3,436,619 | |||||||||||||||||
Pacific Funds Large-Cap Value | 15,849,794 | 4,028,007 | (321,254 | ) | 3,706,753 | — | 3,706,753 | |||||||||||||||||
Pacific Funds Small/Mid-Cap | 317,998,704 | 47,515,251 | (17,146,884 | ) | 30,368,367 | — | 30,368,367 | |||||||||||||||||
Pacific Funds Small-Cap | 16,677,331 | 2,628,473 | (1,023,560 | ) | 1,604,913 | — | 1,604,913 | |||||||||||||||||
Pacific Funds Small-Cap Value | 17,398,769 | 2,674,160 | (1,019,212 | ) | 1,654,948 | — | 1,654,948 | |||||||||||||||||
Pacific Funds Small-Cap Growth | 28,561,672 | 5,477,123 | (1,993,974 | ) | 3,483,149 | — | 3,483,149 |
(1) | The difference between the total cost of investments on tax basis and investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals. |
(2) | Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any. |
Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2015.
11. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gains distributions to shareholders during the period ended September 30, 2019 and the fiscal year ended March 31, 2019, were as follows:
For theSix-Month Period Ended September 30, 2019 | For the Year Ended March 31, 2019 | |||||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total Distributions | Ordinary Income | Long-Term Capital Gains | Total Distributions | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $— | $4,642,221 | $23,187,289 | $27,829,510 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | — | 6,200,006 | 57,672,779 | 63,872,785 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | — | 19,771,780 | 190,255,666 | 210,027,446 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | — | 13,505,156 | 162,160,174 | 175,665,330 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | — | 4,899,802 | 54,028,116 | 58,927,918 | ||||||||||||||||||||||
Pacific Funds Ultra Short Income | 152,791 | — | 152,791 | |||||||||||||||||||||||||
Pacific Funds Short Duration Income | 11,949,475 | — | 11,949,475 | 13,498,890 | — | 13,498,890 | ||||||||||||||||||||||
Pacific Funds Core Income | 11,209,633 | — | 11,209,633 | 20,673,956 | — | 20,673,956 | ||||||||||||||||||||||
Pacific Funds Strategic Income | 14,034,738 | — | 14,034,738 | 25,561,308 | — | 25,561,308 | ||||||||||||||||||||||
Pacific Funds Floating Rate Income | 42,386,721 | — | 42,386,721 | 89,807,013 | — | 89,807,013 | ||||||||||||||||||||||
Pacific Funds High Income | 3,406,387 | — | 3,406,387 | 3,988,717 | — | 3,988,717 | ||||||||||||||||||||||
Pacific Funds Diversified Income | 211,988 | — | 211,988 | |||||||||||||||||||||||||
Pacific FundsLarge-Cap | — | — | — | 262,635 | 636,907 | 899,542 |
C-17
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
For theSix-Month Period Ended September 30, 2019 | For the Year Ended March 31, 2019 | |||||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total Distributions | Ordinary Income | Long-Term Capital Gains | Total Distributions | ||||||||||||||||||||||
Pacific FundsLarge-Cap Value | $— | $— | $— | $468,565 | $1,464,784 | $1,933,349 | ||||||||||||||||||||||
Pacific FundsSmall/Mid-Cap | — | — | — | 23,990 | 6,986,929 | 7,010,919 | ||||||||||||||||||||||
Pacific FundsSmall-Cap | — | — | — | 171,014 | 887,627 | 1,058,641 | ||||||||||||||||||||||
Pacific FundsSmall-Cap Value | — | — | — | 528,529 | 3,453,991 | 3,982,520 | ||||||||||||||||||||||
Pacific FundsSmall-Cap Growth | — | — | — | 555,700 | 4,368,444 | 4,924,144 |
12. SHARES OF BENEFICIAL INTEREST
Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended September 30, 2019 and the fiscal year ended March 31, 2019, were as follows:
Pacific Funds Portfolio Optimization Conservative (1) (2) | Pacific Funds Portfolio Optimization Moderate-Conservative (1) (2) | Pacific Funds Portfolio Optimization Moderate (1) (2) | Pacific Funds Portfolio Optimization Growth (1) (2) | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 5,270,656 | 1,597,168 | 6,557,562 | 1,937,860 | 15,290,762 | 5,162,968 | 10,172,127 | 3,767,426 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 1,257,417 | — | 3,178,474 | — | 9,730,329 | — | 8,167,065 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,811,359 | ) | (3,103,888 | ) | (2,776,517 | ) | (4,994,834 | ) | (7,341,775 | ) | (10,845,624 | ) | (4,936,916 | ) | (7,456,705 | ) | ||||||||||||||||||||||||||||
Converted from Class B shares | 1,355,707 | — | 2,032,245 | — | 6,090,089 | — | 4,316,826 | — | ||||||||||||||||||||||||||||||||||||
Converted from Class R shares | — | 420,991 | — | 468,319 | — | 1,861,409 | — | 1,066,096 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 4,815,004 | 171,688 | 5,813,290 | 589,819 | 14,039,076 | 5,909,082 | 9,552,037 | 5,543,882 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 11,830,609 | 11,658,921 | 18,667,514 | 18,077,695 | 54,354,174 | 48,445,092 | 41,456,527 | 35,912,645 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 16,645,613 | 11,830,609 | 24,480,804 | 18,667,514 | 68,393,250 | 54,354,174 | 51,008,564 | 41,456,527 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 6,246 | 63,288 | — | 26,848 | 17,102 | 64,612 | 12,085 | 46,713 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 186,621 | — | 476,846 | — | 1,460,526 | — | 1,137,653 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (274,318 | ) | (825,329 | ) | (581,852 | ) | (994,617 | ) | (1,418,786 | ) | (2,427,834 | ) | (915,455 | ) | (1,701,102 | ) | ||||||||||||||||||||||||||||
Converted to Class A shares | (1,392,882 | ) | — | (2,086,509 | ) | — | (6,218,286 | ) | — | (4,419,822 | ) | — | ||||||||||||||||||||||||||||||||
Net increase (decrease) | (1,660,954 | ) | (575,420 | ) | (2,668,361 | ) | (490,923 | ) | (7,619,970 | ) | (902,696 | ) | (5,323,192 | ) | (516,736 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 1,660,954 | 2,236,374 | 2,668,361 | 3,159,284 | 7,619,970 | 8,522,666 | 5,323,192 | 5,839,928 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | 1,660,954 | — | 2,668,361 | — | 7,619,970 | — | 5,323,192 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 383,930 | 1,043,597 | 302,181 | 960,955 | 661,706 | 1,880,807 | 571,520 | 1,424,262 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 1,232,997 | — | �� | 2,331,644 | — | 6,244,815 | — | 4,590,292 | |||||||||||||||||||||||||||||||||||
Shares repurchased | (6,258,611 | ) | (3,578,110 | ) | (7,202,613 | ) | (4,376,803 | ) | (17,192,144 | ) | (8,912,732 | ) | (11,219,504 | ) | (5,149,545 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (5,874,681 | ) | (1,301,516 | ) | (6,900,432 | ) | (1,084,204 | ) | (16,530,438 | ) | (787,110 | ) | (10,647,984 | ) | 865,009 | |||||||||||||||||||||||||||||
Beginning shares outstanding | 11,161,492 | 12,463,008 | 13,079,688 | 14,163,892 | 32,395,173 | 33,182,283 | 21,769,022 | 20,904,013 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,286,811 | 11,161,492 | 6,179,256 | 13,079,688 | 15,864,735 | 32,395,173 | 11,121,038 | 21,769,022 | ||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 61,451 | 52,493 | 298,466 | 128,201 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 47,513 | 79,531 | 337,098 | 208,360 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (133,625 | ) | (71,303 | ) | (465,670 | ) | (271,319 | ) | ||||||||||||||||||||||||||||||||||||
Converted to Class A shares | (424,537 | ) | (472,409 | ) | (1,870,573 | ) | (1,070,764 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (449,198 | ) | (411,688 | ) | (1,700,679 | ) | (1,005,522 | ) | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 449,198 | 411,688 | 1,700,679 | 1,005,522 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 180,014 | 299,940 | 133,359 | 508,196 | 263,254 | 1,257,594 | 274,036 | 1,022,418 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 79,399 | — | 102,586 | — | 418,832 | — | 356,472 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (102,749 | ) | (429,827 | ) | (131,158 | ) | (306,020 | ) | (391,597 | ) | (1,054,902 | ) | (356,900 | ) | (910,814 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 77,265 | (50,488 | ) | 2,201 | 304,762 | (128,343 | ) | 621,524 | (82,864 | ) | 468,076 | |||||||||||||||||||||||||||||||||
Beginning shares outstanding | 671,680 | 722,168 | 716,525 | 411,763 | 2,237,225 | 1,615,701 | 1,517,938 | 1,049,862 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 748,945 | 671,680 | 718,726 | 716,525 | 2,108,882 | 2,237,225 | 1,435,074 | 1,517,938 |
C-18
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Portfolio Optimization Aggressive-Growth (1) (2) | Pacific Funds Ultra Short Income (3) | Pacific Funds Short Duration Income | Pacific Funds Core Income | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,875,513 | 1,335,888 | 5,101,611 | 6,906,877 | 5,685,248 | 1,795,140 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 2,541,596 | 143,163 | 195,764 | 130,157 | 274,431 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,188,400 | ) | (1,862,315 | ) | (1,518,673 | ) | (4,760,683 | ) | (1,761,068 | ) | (6,891,164 | ) | ||||||||||||||||||||||||||||||||
Converted from Class B shares | 1,259,139 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Converted from Class R shares | — | 415,846 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 2,946,252 | 2,431,015 | 3,726,101 | 2,341,958 | 4,054,337 | (4,821,593 | ) | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 13,581,101 | 11,150,086 | 11,543,770 | 9,201,812 | 7,806,798 | 12,628,391 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 16,527,353 | 13,581,101 | 15,269,871 | 11,543,770 | 11,861,135 | 7,806,798 | ||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,950 | 19,924 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 319,371 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (225,144 | ) | (449,268 | ) | ||||||||||||||||||||||||||||||||||||||||
Converted to Class A shares | (1,302,603 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (1,524,797 | ) | (109,973 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,524,797 | 1,634,770 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | 1,524,797 | ||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 223,609 | 536,522 | 995,053 | 1,561,216 | 936,103 | 758,103 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 1,266,010 | 39,341 | 71,193 | 69,236 | 190,738 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (3,059,747 | ) | (1,494,004 | ) | (1,157,513 | ) | (1,482,348 | ) | (3,411,990 | ) | (2,896,942 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | (2,836,138 | ) | 308,528 | (123,119 | ) | 150,061 | (2,406,651 | ) | (1,948,101 | ) | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,207,765 | 5,899,237 | 4,489,553 | 4,339,492 | 7,726,350 | 9,674,451 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 3,371,627 | 6,207,765 | 4,366,434 | 4,489,553 | 5,319,699 | 7,726,350 | ||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,250,000 | 2,875,252 | 8,258,360 | 1,728,191 | 2,299,766 | |||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 7,633 | 127,806 | 98,905 | 51,934 | 48,616 | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | (1,509,778 | ) | (671,956 | ) | (325,824 | ) | (256,700 | ) | |||||||||||||||||||||||||||||||||||
Net increase (decrease) | 1,257,633 | 1,493,280 | 7,685,309 | 1,454,301 | 2,091,682 | |||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | — | 8,108,768 | 423,459 | 2,506,427 | 414,745 | |||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,257,633 | 9,602,048 | 8,108,768 | 3,960,728 | 2,506,427 | |||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 13,312 | 572,904 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 58,139 | 178,230 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (433,570 | ) | (3,271,812 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (362,119 | ) | (2,520,678 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 3,841,184 | 6,361,862 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 3,479,065 | 3,841,184 | ||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 67,161 | |||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 79,068 | |||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (173,616 | ) | ||||||||||||||||||||||||||||||||||||||||||
Converted to Class A shares | (419,559 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (446,946 | ) | ||||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 446,946 | |||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | |||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 178,914 | 438,835 | 1,250,599 | 32,102,140 | 37,658,195 | 20,731,479 | 20,320,549 | |||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 171,437 | 7,636 | 793,762 | 879,181 | 527,651 | 890,108 | |||||||||||||||||||||||||||||||||||||
Shares repurchased | (101,701 | ) | (440,195 | ) | — | (15,190,971 | ) | (18,219,176 | ) | (6,925,905 | ) | (20,984,812 | ) | |||||||||||||||||||||||||||||||
Net increase (decrease) | 77,213 | 170,077 | 1,258,235 | 17,704,931 | 20,318,200 | 14,333,225 | 225,845 | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 759,820 | 589,743 | — | 46,911,396 | 26,593,196 | 37,332,163 | 37,106,318 | |||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 837,033 | 759,820 | 1,258,235 | 64,616,327 | 46,911,396 | 51,665,388 | 37,332,163 |
C-19
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds High Income | Pacific Funds Diversified Income (3) | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,350,231 | 2,341,369 | 4,731,264 | 10,387,541 | 240,827 | 318,509 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 112,988 | 230,963 | 481,408 | 945,317 | 14,962 | 28,421 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,081,732 | ) | (3,490,755 | ) | (5,859,652 | ) | (11,448,005 | ) | (118,942 | ) | (367,358 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | 1,381,487 | (918,423 | ) | (646,980 | ) | (115,147 | ) | 136,847 | (20,428 | ) | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 5,800,779 | 6,719,202 | 20,532,300 | 20,647,447 | 513,625 | 534,053 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 7,182,266 | 5,800,779 | 19,885,320 | 20,532,300 | 650,472 | 513,625 | ||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,603,157 | 1,602,978 | 1,135,816 | 5,608,379 | 6,308 | 70,178 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 92,603 | 173,947 | 382,435 | 777,998 | 6,873 | 18,823 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,074,054 | ) | (1,605,346 | ) | (6,898,991 | ) | (5,331,948 | ) | (136,048 | ) | (151,227 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | 621,706 | 171,579 | (5,380,740 | ) | 1,054,429 | (122,867 | ) | (62,226 | ) | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 5,542,338 | 5,370,759 | 19,980,038 | 18,925,609 | 370,351 | 432,577 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 6,164,044 | 5,542,338 | 14,599,298 | 19,980,038 | 247,484 | 370,351 | ||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 711,102 | 266,253 | 6,935,926 | 41,819,219 | 30 | 4,184 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 19,475 | 21,679 | 943,838 | 1,441,669 | 397 | 1,133 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (115,079 | ) | (106,987 | ) | (7,872,501 | ) | (22,046,425 | ) | (5,401 | ) | (8,590 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | 615,498 | 180,945 | 7,263 | 21,214,463 | (4,974 | ) | (3,273 | ) | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 545,554 | 364,609 | 50,248,886 | 29,034,423 | 17,534 | 20,807 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,161,052 | 545,554 | 50,256,149 | 50,248,886 | 12,560 | 17,534 | ||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 17,227 | 228,488 | 53,355 | 6,546,223 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 77,524 | 270,242 | 302,108 | 335,872 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (516,773 | ) | (3,616,047 | ) | (1,097,857 | ) | (2,318,220 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (422,022 | ) | (3,117,317 | ) | (742,394 | ) | 4,563,875 | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 3,251,633 | 6,368,950 | 11,355,574 | 6,791,699 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 2,829,611 | 3,251,633 | 10,613,180 | 11,355,574 | ||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 16,735,083 | 27,129,988 | 14,301,306 | 64,917,350 | 226,004 | 268,474 | 2,800,000 | |||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 819,728 | 1,470,432 | 1,872,484 | 3,974,259 | 12,917 | 14,645 | 21,257 | |||||||||||||||||||||||||||||||||||||
Shares repurchased | (7,869,846 | ) | (23,396,524 | ) | (28,514,043 | ) | (55,606,814 | ) | (36,599 | ) | (163,761 | ) | — | |||||||||||||||||||||||||||||||
Net increase (decrease) | 9,684,965 | 5,203,896 | (12,340,253 | ) | 13,284,795 | 202,322 | 119,358 | 2,821,257 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 43,041,230 | 37,837,334 | 83,734,806 | 70,450,011 | 363,905 | 244,547 | — | |||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 52,726,195 | 43,041,230 | 71,394,553 | 83,734,806 | 566,227 | 363,905 | 2,821,257 |
C-20
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Large Cap (4) | Pacific Funds Large-Cap Value (4) | Pacific Funds Small/Mid-Cap (4) | Pacific Funds Small Cap (4) | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 126,718 | 386,615 | 52,459 | 139,398 | 164,856 | 959,599 | 29,711 | 74,585 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 24,568 | — | 25,810 | — | 50,979 | — | 22,024 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (95,678 | ) | (191,324 | ) | (45,611 | ) | (65,874 | ) | (292,582 | ) | (1,308,902 | ) | (67,863 | ) | (124,092 | ) | ||||||||||||||||||||||||||||
Converted from Investor Class shares | — | 25,599 | — | 9,042 | — | 381,261 | — | 254,699 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 31,040 | 245,458 | 6,848 | 108,376 | (127,726 | ) | 82,937 | (38,152 | ) | 227,216 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 647,628 | 402,170 | 399,711 | 291,335 | 1,679,582 | 1,596,645 | 411,306 | 184,090 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 678,668 | 647,628 | 406,559 | 399,711 | 1,551,856 | 1,679,582 | 373,154 | 411,306 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 53,773 | 92,449 | 18,554 | 67,413 | 43,274 | 360,736 | 12,179 | 33,490 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 13,973 | — | 21,776 | — | 38,125 | — | 3,907 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (77,791 | ) | (82,407 | ) | (42,943 | ) | (152,752 | ) | (265,213 | ) | (258,364 | ) | (8,845 | ) | (24,258 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (24,018 | ) | 24,015 | (24,389 | ) | (63,563 | ) | (221,939 | ) | 140,497 | 3,334 | 13,139 | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 314,059 | 290,044 | 320,979 | 384,542 | 1,328,285 | 1,187,788 | 75,580 | 62,441 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 290,041 | 314,059 | 296,590 | 320,979 | 1,106,346 | 1,328,285 | 78,914 | 75,580 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 36,584 | 116,828 | 63,142 | 25,082 | 2,321,588 | 17,674,456 | 98,137 | 445,685 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 33,826 | — | 130,404 | — | 446,050 | — | 59,142 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (55,645 | ) | (254,493 | ) | (28,209 | ) | (983,832 | ) | (3,911,054 | ) | (6,398,099 | ) | (149,752 | ) | (564,333 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (19,061 | ) | (103,839 | ) | 34,933 | (828,346 | ) | (1,589,466 | ) | 11,722,407 | (51,615 | ) | (59,506 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 548,579 | 652,418 | 896,964 | 1,725,310 | 25,038,994 | 13,316,587 | 1,073,024 | 1,132,530 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 529,518 | 548,579 | 931,897 | 896,964 | 23,449,528 | 25,038,994 | 1,021,409 | 1,073,024 | ||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1 | — | 47,147 | 26,848 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (11,710 | ) | — | (160,177 | ) | (12,459 | ) | |||||||||||||||||||||||||||||||||||||
Converted to Class A shares | (25,899 | ) | (9,411 | ) | (382,123 | ) | (253,088 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (37,608 | ) | (9,411 | ) | (495,153 | ) | (238,699 | ) | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 37,608 | 9,411 | 495,153 | 238,699 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | — | 27,885 | 26,017 | — | 43,496 | — | 24,159 | |||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 2,694 | 4,341 | — | 14,903 | — | 2,072 | |||||||||||||||||||||||||||||||||||||
Shares repurchased | (5,914 | ) | (13,797 | ) | (13,069 | ) | (126,709 | ) | (18,711 | ) | (319,577 | ) | (6,009 | ) | (6,013 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (5,914 | ) | 16,782 | (13,069 | ) | (96,351 | ) | (18,711 | ) | (261,178 | ) | (6,009 | ) | 20,218 | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 73,747 | 56,965 | 76,717 | 173,068 | 489,590 | 750,768 | 58,331 | 38,113 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 67,833 | 73,747 | 63,648 | 76,717 | 470,879 | 489,590 | 52,322 | 58,331 |
C-21
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Small-Cap Value (4) | Pacific Funds Small-Cap Growth (4) | |||||||||||||||||||
Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | Six-Month Period Ended 9/30/2019 | Year Ended 3/31/2019 | |||||||||||||||||
Class A | ||||||||||||||||||||
Shares sold | 35,391 | 50,481 | 14,288 | 77,662 | ||||||||||||||||
Dividends and distribution reinvested | — | 20,866 | — | 19,251 | ||||||||||||||||
Shares repurchased | (14,844 | ) | (44,430 | ) | (9,467 | ) | (15,565 | ) | ||||||||||||
Converted from Investor Class shares | — | 16,830 | — | 121,703 | ||||||||||||||||
Net increase (decrease) | 20,547 | 43,747 | 4,821 | 203,051 | ||||||||||||||||
Beginning shares outstanding | 142,620 | 98,873 | 261,219 | 58,168 | ||||||||||||||||
Ending shares outstanding | 163,167 | 142,620 | 266,040 | 261,219 | ||||||||||||||||
Class C | ||||||||||||||||||||
Shares sold | 6,091 | 51,115 | 10,150 | 54,538 | ||||||||||||||||
Dividends and distribution reinvested | — | 23,610 | — | 7,132 | ||||||||||||||||
Shares repurchased | (24,502 | ) | (72,522 | ) | (14,004 | ) | (42,292 | ) | ||||||||||||
Net increase (decrease) | (18,411 | ) | 2,203 | (3,854 | ) | 19,378 | ||||||||||||||
Beginning shares outstanding | 144,016 | 141,813 | 82,349 | 62,971 | ||||||||||||||||
Ending shares outstanding | 125,605 | 144,016 | 78,495 | 82,349 | ||||||||||||||||
Class P | ||||||||||||||||||||
Shares sold | 10,627 | 1,061,823 | ||||||||||||||||||
Dividends and distribution reinvested | — | 227,291 | ||||||||||||||||||
Shares repurchased | (148,392 | ) | (1,473,699 | ) | ||||||||||||||||
Net increase (decrease) | (137,765 | ) | (184,585 | ) | ||||||||||||||||
Beginning shares outstanding | 1,983,167 | 2,167,752 | ||||||||||||||||||
Ending shares outstanding | 1,845,402 | 1,983,167 | ||||||||||||||||||
Advisor Class | ||||||||||||||||||||
Shares sold | 175,017 | 366,798 | 30,463 | 507,082 | ||||||||||||||||
Dividends and distribution reinvested | — | 290,957 | — | 125,778 | ||||||||||||||||
Shares repurchased | (74,109 | ) | (764,333 | ) | (28,408 | ) | (1,294,013 | ) | ||||||||||||
Net increase (decrease) | 100,908 | (106,578 | ) | 2,055 | (661,153 | ) | ||||||||||||||
Beginning shares outstanding | 1,273,169 | 1,379,747 | 437,603 | 1,098,756 | ||||||||||||||||
Ending shares outstanding | 1,374,077 | 1,273,169 | 439,658 | 437,603 | ||||||||||||||||
Investor Class | ||||||||||||||||||||
Shares sold | 3,432 | 15 | ||||||||||||||||||
Dividends and distribution reinvested | — | — | ||||||||||||||||||
Shares repurchased | (703 | ) | — | |||||||||||||||||
Converted to Class A shares | (16,862 | ) | (121,841 | ) | ||||||||||||||||
Net increase (decrease) | (14,133 | ) | (121,826 | ) | ||||||||||||||||
Beginning shares outstanding | 14,133 | 121,826 | ||||||||||||||||||
Ending shares outstanding | — | — | ||||||||||||||||||
Class S | ||||||||||||||||||||
Shares sold | — | 23,929 | — | 41,602 | ||||||||||||||||
Dividends and distribution reinvested | — | 109,327 | — | 51,992 | ||||||||||||||||
Shares repurchased | (9,847 | ) | (650,921 | ) | (16,298 | ) | (779,220 | ) | ||||||||||||
Net increase (decrease) | (9,847 | ) | (517,665 | ) | (16,298 | ) | (685,626 | ) | ||||||||||||
Beginning shares outstanding | 343,499 | 861,164 | 188,733 | 874,359 | ||||||||||||||||
Ending shares outstanding | 333,652 | 343,499 | 172,435 | 188,733 |
(1) | Class B shares were converted to Class A shares on July 31, 2019. |
(2) | Class R shares were converted to Class A shares on March 22, 2019. |
(3) | See footnote (1) in Financial Highlights for the commencement date of operations of each share class. |
(4) | Investor Class shares were converted to Class A shares on July 31, 2018. |
C-22
Table of Contents
PACIFIC FUNDS
(Unaudited)
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entiresix-month period from April 1, 2019 to September 30, 2019.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/19” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/19-09/30/19” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the pastsix-month period from April 1, 2019 to September 30, 2019.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/19-09/30/19.”
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.
You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as initial sales charges (loads) or contingent deferred sales charges. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/19 - 09/30/19 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Conservative(2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,040.10 | 0.60% | $3.06 | ||||||||||||
Class C | 1,000.00 | 1,035.10 | 1.35% | 6.87 | ||||||||||||
Advisor Class | 1,000.00 | 1,040.90 | 0.35% | 1.79 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative(2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,041.10 | 0.60% | $3.06 | ||||||||||||
Class C | 1,000.00 | 1,037.40 | 1.35% | 6.88 | ||||||||||||
Advisor Class | 1,000.00 | 1,042.80 | 0.35% | 1.79 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate(2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,044.10 | 0.60% | $3.07 | ||||||||||||
Class C | 1,000.00 | 1,039.90 | 1.35% | 6.88 | ||||||||||||
Advisor Class | 1,000.00 | 1,045.70 | 0.35% | 1.79 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Growth(2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,042.30 | 0.60% | $3.06 | ||||||||||||
Class C | 1,000.00 | 1,038.60 | 1.35% | 6.88 | ||||||||||||
Advisor Class | 1,000.00 | 1,043.70 | 0.35% | 1.79 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth(2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,042.10 | 0.60% | $3.06 | ||||||||||||
Class C | 1,000.00 | 1,039.20 | 1.35% | 6.88 | ||||||||||||
Advisor Class | 1,000.00 | 1,044.10 | 0.35% | 1.79 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Ultra Short Income(3) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class I | $1,000.00 | $1,007.10 | 0.32% | $0.83 | ||||||||||||
Advisor Class | 1,000.00 | 1,007.10 | 0.32% | 0.83 | ||||||||||||
Hypothetical | ||||||||||||||||
Class I | $1,000.00 | $1,023.40 | 0.32% | $1.62 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.40 | 0.32% | 1.62 |
See explanation of references on page D-3
D-1
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/19 - 09/30/19 (1) | |||||||||||||
Pacific Funds Short Duration Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,025.50 | 0.75% | $3.80 | ||||||||||||
Class C | 1,000.00 | 1,021.70 | 1.50% | 7.58 | ||||||||||||
Class I | 1,000.00 | 1,025.80 | 0.50% | 2.53 | ||||||||||||
Advisor Class | 1,000.00 | 1,025.80 | 0.50% | 2.53 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,021.25 | 0.75% | $3.79 | ||||||||||||
Class C | 1,000.00 | 1,017.50 | 1.50% | 7.57 | ||||||||||||
Class I | 1,000.00 | 1,022.50 | 0.50% | 2.53 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.50 | 0.50% | 2.53 | ||||||||||||
Pacific Funds Core Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,057.10 | 0.85% | $4.37 | ||||||||||||
Class C | 1,000.00 | 1,053.00 | 1.60% | 8.21 | ||||||||||||
Class I | 1,000.00 | 1,058.60 | 0.55% | 2.83 | ||||||||||||
Class P | 1,000.00 | 1,058.40 | 0.55% | 2.83 | ||||||||||||
Advisor Class | 1,000.00 | 1,058.50 | 0.55% | 2.83 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.75 | 0.85% | $4.29 | ||||||||||||
Class C | 1,000.00 | 1,017.00 | 1.60% | 8.07 | ||||||||||||
Class I | 1,000.00 | 1,022.25 | 0.55% | 2.78 | ||||||||||||
Class P | 1,000.00 | 1,022.25 | 0.55% | 2.78 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.25 | 0.55% | 2.78 | ||||||||||||
Pacific Funds Strategic Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,051.70 | 0.95% | $4.87 | ||||||||||||
Class C | 1,000.00 | 1,047.20 | 1.65% | 8.44 | ||||||||||||
Class I | 1,000.00 | 1,052.70 | 0.65% | 3.34 | ||||||||||||
Advisor Class | 1,000.00 | 1,053.00 | 0.70% | 3.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.25 | 0.95% | $4.80 | ||||||||||||
Class C | 1,000.00 | 1,016.75 | 1.65% | 8.32 | ||||||||||||
Class I | 1,000.00 | 1,021.75 | 0.65% | 3.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Pacific Funds Floating Rate Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,029.00 | 1.02% | $5.17 | ||||||||||||
Class C | 1,000.00 | 1,025.40 | 1.72% | 8.71 | ||||||||||||
Class I | 1,000.00 | 1,029.20 | 0.72% | 3.65 | ||||||||||||
Class P | 1,000.00 | 1,029.20 | 0.72% | 3.65 | ||||||||||||
Advisor Class | 1,000.00 | 1,028.90 | 0.77% | 3.91 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.90 | 1.02% | $5.15 | ||||||||||||
Class C | 1,000.00 | 1,016.40 | 1.72% | 8.67 | ||||||||||||
Class I | 1,000.00 | 1,021.40 | 0.72% | 3.64 | ||||||||||||
Class P | 1,000.00 | 1,021.40 | 0.72% | 3.64 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.15 | 0.77% | 3.89 |
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/19 - 09/30/19 (1) | |||||||||||||
Pacific Funds High Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,041.80 | 0.95% | $4.85 | ||||||||||||
Class C | 1,000.00 | 1,038.10 | 1.65% | 8.41 | ||||||||||||
Class I | 1,000.00 | 1,042.50 | 0.70% | 3.57 | ||||||||||||
Class P | 1,000.00 | 1,042.50 | 0.70% | 3.57 | ||||||||||||
Advisor Class | 1,000.00 | 1,043.10 | 0.70% | 3.58 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.25 | 0.95% | $4.80 | ||||||||||||
Class C | 1,000.00 | 1,016.75 | 1.65% | 8.32 | ||||||||||||
Class I | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Class P | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Pacific Funds Diversified Income(3) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Advisor Class | $1,000.00 | $1,010.60 | 0.45% | $1.17 | ||||||||||||
Hypothetical | ||||||||||||||||
Advisor Class | $1,000.00 | $1,022.75 | 0.45% | $2.28 | ||||||||||||
Pacific Funds Large-Cap |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,046.50 | 0.95% | $4.86 | ||||||||||||
Class C | 1,000.00 | 1,042.70 | 1.70% | 8.68 | ||||||||||||
Advisor Class | 1,000.00 | 1,048.50 | 0.70% | 3.58 | ||||||||||||
Class S | 1,000.00 | 1,048.70 | 0.60% | 3.07 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.25 | 0.95% | $4.80 | ||||||||||||
Class C | 1,000.00 | 1,016.50 | 1.70% | 8.57 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Class S | 1,000.00 | 1,022.00 | 0.60% | 3.03 | ||||||||||||
Pacific Funds Large-Cap Value |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,058.80 | 1.05% | $5.40 | ||||||||||||
Class C | 1,000.00 | 1,054.50 | 1.80% | 9.25 | ||||||||||||
Advisor Class | 1,000.00 | 1,059.50 | 0.80% | 4.12 | ||||||||||||
Class S | 1,000.00 | 1,060.90 | 0.70% | 3.61 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.75 | 1.05% | $5.30 | ||||||||||||
Class C | 1,000.00 | 1,016.00 | 1.80% | 9.07 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.00 | 0.80% | 4.04 | ||||||||||||
Class S | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Pacific Funds Small/Mid-Cap |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,000.80 | 1.25% | $6.25 | ||||||||||||
Class C | 1,000.00 | 996.80 | 2.00% | 9.98 | ||||||||||||
Advisor Class | 1,000.00 | 1,001.50 | 1.00% | 5.00 | ||||||||||||
Class S | 1,000.00 | 1,001.50 | 0.95% | 4.75 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.75 | 1.25% | $6.31 | ||||||||||||
Class C | 1,000.00 | 1,015.00 | 2.00% | 10.08 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.00 | 1.00% | 5.05 | ||||||||||||
Class S | 1,000.00 | 1,020.25 | 0.95% | 4.80 |
See explanation of references on page D-3 |
D-2
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/19 - 09/30/19 (1) | |||||||||||||
Pacific Funds Small-Cap |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $986.00 | 1.25% | $6.21 | ||||||||||||
Class C | 1,000.00 | 981.60 | 2.00% | 9.91 | ||||||||||||
Advisor Class | 1,000.00 | 987.00 | 1.00% | 4.97 | ||||||||||||
Class S | 1,000.00 | 986.70 | 0.95% | 4.72 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.75 | 1.25% | $6.31 | ||||||||||||
Class C | 1,000.00 | 1,015.00 | 2.00% | 10.08 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.00 | 1.00% | 5.05 | ||||||||||||
Class S | 1,000.00 | 1,020.25 | 0.95% | 4.80 | ||||||||||||
Pacific Funds Small-Cap Value |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,038.50 | 1.25% | $6.37 | ||||||||||||
Class C | 1,000.00 | 1,033.60 | 2.00% | 10.17 | ||||||||||||
Advisor Class | 1,000.00 | 1,039.30 | 1.00% | 5.10 | ||||||||||||
Class S | 1,000.00 | 1,040.60 | 0.95% | 4.85 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.75 | 1.25% | $6.31 | ||||||||||||
Class C | 1,000.00 | 1,015.00 | 2.00% | 10.08 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.00 | 1.00% | 5.05 | ||||||||||||
Class S | 1,000.00 | 1,020.25 | 0.95% | 4.80 |
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/19 - 09/30/19 (1) | |||||||||||||
Pacific Funds Small-Cap Growth |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $946.50 | 1.20% | $5.84 | ||||||||||||
Class C | 1,000.00 | 942.50 | 2.00% | 9.71 | ||||||||||||
Class P | 1,000.00 | 947.00 | 1.00% | 4.87 | ||||||||||||
Advisor Class | 1,000.00 | 947.80 | 1.00% | 4.87 | ||||||||||||
Class S | 1,000.00 | 948.00 | 0.85% | 4.14 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.00 | 1.20% | $6.06 | ||||||||||||
Class C | 1,000.00 | 1,015.00 | 2.00% | 10.08 | ||||||||||||
Class P | 1,000.00 | 1,020.00 | 1.00% | 5.05 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.00 | 1.00% | 5.05 | ||||||||||||
Class S | 1,000.00 | 1,020.75 | 0.85% | 4.29 |
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 366 days. |
(2) | The annualized expense ratios for the Portfolio Optimization Funds do not include fees and expenses of their respective PF Underlying Funds and the Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth in which the Portfolio Optimization Funds invest (see Note 1 in Notes to Financial Statements). |
(3) | Pacific Funds Ultra Short Income and Pacific Funds Diversified Income commenced operations on June 28, 2019. The actual fund returns and expenses paid during the period for these funds were for the period June 28, 2019 to September 30, 2019, instead of the entire six-month period. The hypothetical returns and expenses paid during the period are based on the entire six-month period for comparison purposes. |
D-3
Table of Contents
PACIFIC FUNDS
SPECIAL MEETING OF SHAREHOLDERS
(Unaudited)
In accordance with Rule30e-1(b), under the Investment Company Act of 1940, Pacific Funds (the “Trust”) is required to furnish certain information regarding any matters submitted to a vote of the Trust’s shareholders during the period covered by this report.
Shareholders of record on April 5, 2019 representing 775,971,738 shares of the Trust, were notified that a Special Meeting of Shareholders (the “Meeting”) would be held at the offices of the Trust on June 17, 2019. 100.00% of the outstanding shares of the Trust were voted at the meeting. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:
Proposal for all shareholders of Pacific Funds:
To elect three nominees to the Trust’s Board of Trustees (1)
Votes For | Votes Withheld | Total Outstanding | ||||||||||||||||||
Number | Percent* | Number | Percent* | Shares | ||||||||||||||||
James T. Morris | 761,415,261 | 98.12% | 14,556,477 | 1.88% | 775,971,738 | |||||||||||||||
Paul A. Keller | 746,253,136 | 96.17% | 29,718,602 | 3.83% | 775,971,738 | |||||||||||||||
Andrew J. Iseman | 745,912,258 | 96.13% | 30,059,480 | 3.87% | 775,971,738 |
(1) | Lucy H. Moore, Gale K. Caruso, Nooruddin (Rudy) Veerjee continue to serve as trustees and were not required to be presented for election. |
* | Based on total shares outstanding as of the record date April 5, 2019. |
D-4
Table of Contents
PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Part F of Form N-PORT (complete schedules of fund holdings) with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Part F of FormN-PORT (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.
Availability of Proxy Voting Record
By August 31 of each year, the Trust files information regarding how the Trust’s managers voted proxies relating to fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s’ website and on the SEC’s website noted below.
Information Relating to Investments Held by the Trust
For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectus and Statement of Additional Information (“SAI”). The prospectus and SAI are available as noted below.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to fund securities is described in the Trust’s SAI.
How to obtain Information
The Trust’s prospectus, SAI (including Proxy Voting Policies) and annual and semi-annual reports are available:
• | On the Trust’s website at https://www.pacificlife.com/pacificfunds.html |
• | On the SEC’s website at http://www.sec.gov |
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
D-5
Table of Contents
Pacific Funds
Mailing address:
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
Semi-Annual Report as of September 30, 2019 for:
• Pacific Funds
Form Nos. | 3167-19A |
Table of Contents
PF Underlying Funds
Semi-Annual Report
As of September 30, 2019
Table of Contents
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2019
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-4 | ||||
B-7 | ||||
B-10 | ||||
B-11 | ||||
C-1 | ||||
D-1 | ||||
D-3 | ||||
D-6 |
Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.
Table of Contents
PF INFLATION MANAGED FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 4.7% | ||||||||
Communications - 0.3% | ||||||||
AT&T Inc | $100,000 | $100,509 | ||||||
|
| |||||||
Consumer, Cyclical - 0.3% | ||||||||
BMW US Capital LLC (Germany) | 100,000 | 102,483 | ||||||
|
| |||||||
Energy - 0.7% | ||||||||
Petrobras Global Finance BV (Brazil) | 244,000 | 254,834 | ||||||
|
| |||||||
Financial - 2.6% | ||||||||
Bank of America Corp | 10,000 | 10,835 | ||||||
BOC Aviation Ltd (Singapore) | 200,000 | 198,481 | ||||||
Royal Bank of Scotland Group PLC | 200,000 | 204,750 | ||||||
The Goldman Sachs Group Inc | 100,000 | 100,786 | ||||||
UniCredit SPA (Italy) | 400,000 | 469,302 | ||||||
|
| |||||||
984,154 | ||||||||
|
| |||||||
Industrial - 0.8% | ||||||||
General Electric Co | 100,000 | 101,646 | ||||||
Komatsu Finance America Inc | 200,000 | 200,443 | ||||||
|
| |||||||
302,089 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 1,744,069 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 26.2% |
| |||||||
Collateralized Mortgage Obligations - Residential - 6.2% |
| |||||||
Alternative Loan Trust | 125,117 | 119,825 | ||||||
6.000% due 03/25/37 | 164,165 | 116,078 | ||||||
Banc of America Mortgage Trust | 37,088 | 35,079 | ||||||
Chevy Chase Funding LLC Mortgage-Backed Certificates | 128,040 | 127,866 | ||||||
Citigroup Mortgage Loan Trust | 89,710 | 90,167 | ||||||
Countrywide Home Loan Mortgage | 9,016 | 9,412 | ||||||
Credit Suisse Mortgage Trust | 302,000 | 288,420 | ||||||
Fannie Mae | 19,447 | 19,445 | ||||||
2.398% (USD LIBOR + 0.380%) | 30,224 | 30,257 | ||||||
2.458% (USD LIBOR + 0.440%) | 14,048 | 13,945 |
Principal Amount | Value | |||||||
2.463% (USD LIBOR + 0.445%) | $5,770 | $5,873 | ||||||
Government National Mortgage Association | 98,061 | 96,296 | ||||||
2.444% (USD LIBOR + 0.400%) | 287,261 | 286,952 | ||||||
GreenPoint Mortgage Funding Trust | 23,079 | 22,243 | ||||||
GSR Mortgage Loan Trust | 9,232 | 9,524 | ||||||
Hawksmoor Mortgages PLC (United Kingdom) | GBP 250,000 | 308,085 | ||||||
JP Morgan Alternative Loan Trust | $63,559 | 62,732 | ||||||
JP Morgan Mortgage Trust | 31,911 | 32,267 | ||||||
Merrill Lynch Mortgage Investors Trust | 37,042 | 37,729 | ||||||
Residential Accredit Loans Inc Trust | 89,334 | 35,644 | ||||||
Residential Asset Securitization Trust | 186,814 | 130,046 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 12,239 | 11,572 | ||||||
Structured Asset Mortgage Investments II Trust | 65,685 | 62,623 | ||||||
Towd Point Mortgage Funding PLC | GBP 235,945 | 290,405 | ||||||
WaMu Mortgage Pass-Through Certificates | $45,430 | 45,276 | ||||||
|
| |||||||
2,287,761 | ||||||||
|
| |||||||
Fannie Mae - 20.0% | ||||||||
3.000% due 12/01/49 | 1,400,000 | 1,419,203 | ||||||
3.500% due 11/01/49 | 400,000 | 410,492 | ||||||
3.500% due 12/01/49 | 2,470,000 | 2,534,552 | ||||||
4.000% due 11/01/49 | 2,900,000 | 3,011,355 | ||||||
|
| |||||||
7,375,602 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 9,663,363 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 8.0% | ||||||||
Asset Backed Funding Corp Trust | 21,723 | 21,931 | ||||||
B&M CLO Ltd (Cayman) | 199,354 | 199,316 | ||||||
Countrywide Asset-Backed Certificates | 276,590 | 252,031 | ||||||
2.208% (USD LIBOR + 0.190%) | 143,681 | 138,727 | ||||||
2.218% (USD LIBOR + 0.200%) | 74,739 | 63,118 | ||||||
Credit-Based Asset Servicing & Securitization LLC | 324,000 | 219,718 | ||||||
Crown Point CLO Ltd (Cayman) | 200,000 | 199,480 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-1
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Freddie Mac Structured Pass-Through Certificates | $817 | $809 | ||||||
Home Equity Asset Trust | 26,365 | 26,305 | ||||||
Home Equity Mortgage Loan Asset-Backed Trust | 88,339 | 70,173 | ||||||
Latitude Management Real Estate Capital Inc | 38,278 | 38,374 | ||||||
LoanCore Issuer Ltd (Cayman) | 100,000 | 100,135 | ||||||
Long Beach Mortgage Loan Trust | 85,885 | 47,785 | ||||||
Loomis Sayles CLO II Ltd (Cayman) | 280,000 | 277,790 | ||||||
MidOcean Credit CLO IV (Cayman) | 448,143 | 446,944 | ||||||
Option One Mortgage Loan Trust | 77,025 | 57,647 | ||||||
2.158% (USD LIBOR + 0.140%) | 95,066 | 71,406 | ||||||
Saxon Asset Securities Trust | 24,234 | 23,665 | ||||||
Soundview Home Loan Trust | 74,497 | 59,369 | ||||||
SpringCastle Funding Asset-Backed Notes | 90,570 | 91,605 | ||||||
TICP CLO Ltd (Cayman) | 450,000 | 447,634 | ||||||
Venture CLO Ltd (Cayman) | 100,000 | 100,016 | ||||||
|
| |||||||
Total Asset-Backed Securities | 2,953,978 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 100.2% | ||||||||
U.S. Treasury Inflation Protected Securities - 100.2% |
| |||||||
0.125% due 04/15/21 ^ | 768,611 | 760,691 | ||||||
0.125% due 04/15/22 ^ | 158,250 | 156,731 | ||||||
0.125% due 07/15/22 ^ | 245,456 | 244,565 | ||||||
0.125% due 01/15/23 ^ | 679,157 | 673,986 | ||||||
0.125% due 07/15/26 ^ | 128,446 | 128,352 | ||||||
0.250% due 01/15/25 ^ | 895,848 | 899,127 | ||||||
0.250% due 07/15/29 ^ | 351,064 | 355,059 | ||||||
0.375% due 07/15/25 ^ | 1,649,928 | 1,674,038 | ||||||
0.375% due 01/15/27 ^ | 690,398 | 699,255 | ||||||
0.375% due 07/15/27 ^ | 4,782,802 | 4,866,661 | ||||||
0.500% due 01/15/28 ^ | 3,151,685 | 3,230,139 | ||||||
0.625% due 07/15/21 ^ | 1,994,424 | 2,002,950 | ||||||
0.625% due 01/15/24 ^ | 1,337,114 | 1,359,160 | ||||||
0.625% due 01/15/26 ^ | 1,290,349 | 1,324,849 | ||||||
0.625% due 02/15/43 ^ | 22,319 | 22,940 | ||||||
0.750% due 07/15/28 ^ | 1,022,130 | 1,075,185 | ||||||
0.750% due 02/15/42 ^ | 113,547 | 120,351 | ||||||
0.750% due 02/15/45 ^ | 228,808 | 241,023 | ||||||
0.875% due 02/15/47 ^ | 46,767 | 50,912 |
Principal Amount | Value | |||||||
1.000% due 02/15/46 ^ | $710,336 | $793,439 | ||||||
1.000% due 02/15/48 ^ | 1,257,904 | 1,414,961 | ||||||
1.000% due 02/15/49 ^ | 285,491 | 323,427 | ||||||
1.125% due 01/15/21 ^ | 2,521,692 | 2,530,434 | ||||||
1.375% due 02/15/44 ^ | 2,664,130 | 3,198,767 | ||||||
2.000% due 01/15/26 ^ | 4,410,692 | 4,903,811 | ||||||
2.125% due 02/15/40 ^ | 47,482 | 63,306 | ||||||
2.125% due 02/15/41 ^ | 304,619 | 409,820 | ||||||
2.375% due 01/15/25 ^ | 2,681,446 | 2,987,934 | ||||||
2.500% due 01/15/29 ^ | 212,714 | 257,405 | ||||||
3.375% due 04/15/32 ^ | 85,283 | 118,054 | ||||||
3.875% due 04/15/29 ^ | 54,625 | 73,391 | ||||||
|
| |||||||
36,960,723 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 36,960,723 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 10.5% |
| |||||||
Argentina Bonar (Argentina) | ARS 32,000 | 315 | ||||||
Argentina POM Politica Monetaria (Argentina) | 870,000 | 6,670 | ||||||
Australia Government (Australia) | AUD 967,844 | 780,943 | ||||||
Autonomous Community of Catalonia (Spain) | EUR 100,000 | 110,879 | ||||||
French Republic Government OAT (France) | 228,288 | 281,542 | ||||||
Mexican Bonos (Mexico) | MXN 493,000 | 26,494 | ||||||
New Zealand Government (New Zealand) | NZD 850,000 | 644,346 | ||||||
Peruvian Government International (Peru) | PEN 200,000 | 67,386 | ||||||
United Kingdom Gilt Inflation-Linked | GBP 404,340 | 656,586 | ||||||
1.250% due 11/22/27 ^ ~ | 522,116 | 899,638 | ||||||
1.875% due 11/22/22 ^ ~ | 267,459 | 384,955 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 3,859,754 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 1.6% | ||||||||
Foreign Government Issues - 0.0% | ||||||||
Argentina Treasury Bill (Argentina) | ARS 80,000 | 933 | ||||||
153.910% due 05/13/20W | 60,000 | 580 | ||||||
|
| |||||||
1,513 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 0.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 182,061 | 182,061 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-2
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
U.S. Government Agency Issue - 1.1% | ||||||||
Federal Home Loan Bank | $400,000 | $399,501 | ||||||
|
| |||||||
Total Short-Term Investments | 583,075 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 151.2% | 55,764,962 | |||||||
DERIVATIVES - (0.2%) | (55,577 | ) | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (51.0%) |
| (18,828,960 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $36,880,425 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
U.S. Treasury Obligations | 100.2% | |||
Mortgage-Backed Securities | 26.2% | |||
Foreign Government Bonds & Notes | 10.5% | |||
Asset-Backed Securities | 8.0% | |||
Corporate Bonds & Notes | 4.7% | |||
Others (each less than 3.0%) | 1.6% | |||
|
| |||
151.2% | ||||
Derivatives | (0.2% | ) | ||
Other Assets & Liabilities, Net | (51.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $8,498 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees. |
(c) | The average amount of borrowings by the Fund on sale-buyback financing transactions during the six-month period ended September 30, 2019 was $12,453,123 at a weighted average interest rate of 1.666%. |
(d) | Open futures contracts outstanding as of September 30, 2019 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro-BTP | 12/19 | 15 | $1,843,889 | $1,842,404 | ($1,485 | ) | ||||||||||||||
Euro-Bund | 12/19 | 13 | 2,490,622 | 2,469,018 | (21,604 | ) | ||||||||||||||
U.S. Treasury 2-Year Notes | 12/19 | 6 | 1,294,528 | 1,293,000 | (1,528 | ) | ||||||||||||||
U.S. Treasury 10-Year Notes | 12/19 | 24 | 3,158,845 | 3,127,500 | (31,345 | ) | ||||||||||||||
U.S. Treasury Long Bonds | 12/19 | 7 | 1,160,041 | 1,136,188 | (23,853 | ) | ||||||||||||||
U.S. Treasury Ultra 10-Year Notes | 12/19 | 2 | 285,410 | 284,812 | (598 | ) | ||||||||||||||
|
| |||||||||||||||||||
10,152,922 | (80,413 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Short Futures Outstanding | ||||||||||||||||||||
Australia 3-Year Bonds | 12/19 | 13 | 1,012,539 | 1,015,113 | (2,574 | ) | ||||||||||||||
Euro-Bobl | 12/19 | 3 | 442,998 | 443,557 | (559 | ) | ||||||||||||||
Euro-OAT | 12/19 | 12 | 2,258,852 | 2,227,561 | 31,291 | |||||||||||||||
Euro-Schatz | 12/19 | 76 | 9,325,705 | 9,305,024 | 20,681 | |||||||||||||||
Long Gilt | 12/19 | 9 | 1,476,758 | 1,485,485 | (8,727 | ) | ||||||||||||||
U.S. Treasury 5-Year Notes | 12/19 | 62 | 7,416,021 | 7,387,203 | 28,818 | |||||||||||||||
U.S. Treasury Ultra 30-Year Bonds | 12/19 | 7 | 1,366,568 | 1,343,344 | 23,224 | |||||||||||||||
|
| |||||||||||||||||||
92,154 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | $11,741 | |||||||||||||||||||
|
|
(e) | Forward foreign currency contracts outstanding as of September 30, 2019 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||
BRL | 760,438 | USD | 182,727 | 10/19 | DUB | $265 | $— | |||||||||||||||||
BRL | 760,438 | USD | 183,397 | 11/19 | SCB | — | (837 | ) | ||||||||||||||||
EUR | 20,000 | USD | 22,134 | 10/19 | BRC | — | (331 | ) | ||||||||||||||||
EUR | 209,000 | USD | 229,923 | 10/19 | GSC | — | (2,086 | ) | ||||||||||||||||
EUR | 549,000 | USD | 601,452 | 10/19 | JPM | — | (2,973 | ) | ||||||||||||||||
EUR | 194,000 | USD | 213,494 | 10/19 | UBS | — | (2,009 | ) | ||||||||||||||||
GBP | 240,000 | USD | 295,697 | 10/19 | RBS | — | (581 | ) | ||||||||||||||||
IDR | 2,904,296,420 | USD | 199,855 | 12/19 | SCB | 2,932 | — | |||||||||||||||||
JPY | 20,300,000 | USD | 187,817 | 10/19 | UBS | — | (45 | ) | ||||||||||||||||
JPY | 20,300,000 | USD | 189,048 | 11/19 | UBS | — | (832 | ) | ||||||||||||||||
RUB | 12,164,588 | USD | 185,288 | 11/19 | SCB | 1,158 | — | |||||||||||||||||
USD | 772,128 | AUD | 1,144,000 | 10/19 | SCB | — | (73 | ) | ||||||||||||||||
USD | 772,750 | AUD | 1,144,000 | 11/19 | RBC | — | (369 | ) | ||||||||||||||||
USD | 183,747 | BRL | 760,439 | 10/19 | SCB | 755 | — | |||||||||||||||||
USD | 1,078,686 | EUR | 972,000 | 10/19 | SCB | 19,081 | — | |||||||||||||||||
USD | 442,168 | EUR | 404,000 | 11/19 | JPM | 619 | — | |||||||||||||||||
USD | 270,978 | GBP | 220,000 | 10/19 | BRC | 455 | — | |||||||||||||||||
USD | 25,284 | GBP | 21,000 | 10/19 | RBC | — | (539 | ) | ||||||||||||||||
USD | 2,593,068 | GBP | 2,124,000 | 10/19 | SCB | — | (18,708 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-3
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
USD | 2,620,022 | GBP | 2,125,000 | 11/19 | BRC | $3,379 | $— | |||||||||||||||||||||||||
USD | 188,618 | JPY | 20,300,000 | 10/19 | UBS | 846 | — | |||||||||||||||||||||||||
USD | 191,379 | KRW | 227,549,894 | 12/19 | RBS | 1,200 | — | |||||||||||||||||||||||||
USD | 32,991 | MXN | 663,000 | 01/20 | JPM | — | (19 | ) | ||||||||||||||||||||||||
USD | 630,462 | NZD | 998,000 | 10/19 | BRC | 5,483 | — | |||||||||||||||||||||||||
USD | 625,353 | NZD | 998,000 | 11/19 | SCB | — | (111 | ) | ||||||||||||||||||||||||
USD | 43,866 | PEN | 145,539 | 10/19 | DUB | 730 | — | |||||||||||||||||||||||||
USD | 20,919 | PEN | 69,386 | 10/19 | JPM | 353 | — | |||||||||||||||||||||||||
USD | 101,632 | SGD | 140,060 | 12/19 | BRC | 204 | — | |||||||||||||||||||||||||
USD | 44,583 | TWD | 1,399,000 | 11/19 | JPM | — | (664 | ) | ||||||||||||||||||||||||
USD | 156,773 | TWD | 4,906,091 | 11/19 | SCB | — | (1,899 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $37,460 | ($32,076 | ) | |||||||||||||||||||||||||||||
|
|
|
|
(f) | Purchased options outstanding as of September 30, 2019 were as follows: |
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||
Call- 1-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.500% | 03/10/20 | DUB | $9,520,000 | $13,526 | $198 | ||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||
Call - Euro-Schatz (11/19) | EUR 114.90 | 11/22/19 | EUX | 31 | EUR 3,561,900 | $200 | $171 | |||||||||||||||||||
Call - Euro-Schatz (11/19) | 115.90 | 11/22/19 | EUX | 40 | 4,636,000 | 259 | 221 | |||||||||||||||||||
Call - Euro-Schatz (11/19) | 116.00 | 11/22/19 | EUX | 5 | 580,000 | 30 | 28 | |||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/19) | $126.00 | 11/22/19 | CME | 5 | $630,000 | 43 | 39 | |||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/19) | 130.00 | 11/22/19 | CME | 1 | 130,000 | 8 | — | |||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/19) | 130.25 | 11/22/19 | CME | 7 | 911,750 | 60 | — | |||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/19) | 131.00 | 11/22/19 | CME | 1 | 131,000 | 9 | — | |||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/19) | 131.50 | 11/22/19 | CME | 2 | 263,000 | 17 | — | |||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/19) | 132.00 | 11/22/19 | CME | 40 | 5,280,000 | 344 | — | |||||||||||||||||||
Call - U.S. Treasury Ultra 30-Year Bonds (12/19) | 295.00 | 11/22/19 | CME | 7 | 2,065,000 | 60 | — | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
1,030 | 459 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Put - Euro-Bund (10/19) | EUR 173.00 | 10/25/19 | EUX | 4 | EUR 692,000 | 1,464 | 1,548 | |||||||||||||||||||
Put - Euro-Bund (11/19) | 158.00 | 11/22/19 | EUX | 20 | 3,160,000 | 233 | 221 | |||||||||||||||||||
Put - U.S. Treasury 2-Year Notes (12/19) | $104.75 | 11/22/19 | CME | 5 | $1,047,500 | 43 | — | |||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/19) | 115.00 | 11/22/19 | CME | 3 | 345,000 | 26 | — | |||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/19) | 116.00 | 11/22/19 | CME | 18 | 2,088,000 | 155 | — | |||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (12/19) | 125.00 | 11/22/19 | CME | 6 | 750,000 | 51 | — | |||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (12/19) | 127.00 | 11/22/19 | CME | 1 | 127,000 | 9 | — | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
1,981 | 1,769 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Options on Futures | $3,011 | $2,228 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Purchased Options | $16,537 | $2,426 | ||||||||||||||||||||||||
|
|
|
|
(g) | Premiums received and value of written options outstanding as of September 30, 2019 were as follows: |
Credit Default Swaptions on Credit Indices – Buy Protection
Description | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - iTraxx Main 32 5Y | 0.475% | 01/15/20 | DUB | EUR 100,000 | $55 | ($65 | ) | |||||||||||||||
|
|
|
|
Credit Default Swaptions on Credit Indices – Sell Protection
Put - CDX IG 32 5Y | 0.850% | 11/20/19 | GSC | $100,000 | 148 | (23 | ) | |||||||||||||||||
Put - CDX IG 32 5Y | 0.900% | 11/20/19 | GSC | 100,000 | 128 | (19 | ) | |||||||||||||||||
Put - iTraxx Main 32 5Y | 0.800% | 01/15/20 | DUB | EUR 100,000 | 148 | (120 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
424 | (162 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Credit Default Swaptions | $479 | ($227 | ) | |||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-4
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Inflation Floor/Cap Options
Description | Initial Index | Floating Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||||
Cap - U.S. CPI Urban Consumers | 233.92 | Maximum of [0, Final Index/ | 04/22/24 | JPM | $1,900,000 | $13,823 | ($65 | ) | ||||||||||||||||||
Cap - U.S. CPI Urban Consumers | 234.78 | Maximum of [0, Final Index/ | 05/16/24 | JPM | 200,000 | 1,390 | (1 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
15,213 | (66 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Floor - U.S. CPI Urban Consumers | 234.81 | Maximum of [0, 0.000% - | 03/24/20 | JPM | 700,000 | 7,910 | — | |||||||||||||||||||
Floor - U.S. CPI Urban Consumers | 216.69 | Maximum of [0, (1 + 0.000%)10 - | 04/07/20 | CIT | 1,800,000 | 15,960 | — | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
23,870 | — | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Inflation Floor/Cap Options | $39,083 | ($66 | ) | |||||||||||||||||||||||
|
|
|
|
Interest Rate Floor/Cap Options
Description | Exercise Rate | Floating Rate Index | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||
Floor - ICE Swap Rate | 0.000% | 2-Year/10-Year ICE Swap Rate | 01/02/20 | MSC | $700,000 | $542 | ($444 | ) | ||||||||||||||||
|
|
|
|
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||||||||
Call - 30-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 0.000% | 12/13/19 | DUB | EUR 100,000 | $2,419 | ($1,754 | ) | |||||||||||||||||||||||
Call -30-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 0.250% | 12/13/19 | GSC | 100,000 | 2,490 | (4,484 | ) | |||||||||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.404% | 03/10/20 | DUB | $2,110,000 | 14,608 | (235 | ) | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$19,517 | ($6,473 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/19) | $130.00 | 10/25/19 | CME | 3 | $390,000 | $2,388 | ($2,531 | ) | ||||||||||||||||||||
Call - Euro-Bund (11/19) | EUR 173.00 | 11/22/19 | EUX | 1 | EUR 173,000 | 1,518 | (2,129 | ) | ||||||||||||||||||||
Call - Euro-Bund (11/19) | 175.00 | 11/22/19 | EUX | 2 | 350,000 | 1,785 | (1,809 | ) | ||||||||||||||||||||
Call - Euro-Bund (11/19) | 176.00 | 11/22/19 | EUX | 2 | 352,000 | 4,362 | (1,127 | ) | ||||||||||||||||||||
Call - Euro-Bund (11/19) | 178.50 | 11/22/19 | EUX | 2 | 357,000 | 1,370 | (260 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
11,423 | (7,856 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/19) | $130.00 | 10/25/19 | CME | 3 | $390,000 | 2,716 | (1,594 | ) | ||||||||||||||||||||
Put - Euro-Bund (10/19) | EUR 170.50 | 10/25/19 | EUX | 4 | EUR 682,000 | 451 | (225 | ) | ||||||||||||||||||||
Put - Euro-Schatz (11/19) | 112.20 | 11/22/19 | EUX | 9 | 1,009,800 | 850 | (352 | ) | ||||||||||||||||||||
Put - Euro-Bund (11/19) | 173.00 | 11/22/19 | EUX | 1 | 173,000 | 1,474 | (766 | ) | ||||||||||||||||||||
Put - Euro-Bund (11/19) | 175.00 | 11/22/19 | EUX | 2 | 350,000 | 4,124 | (3,471 | ) | ||||||||||||||||||||
Put - Euro-Bund (11/19) | 176.00 | 11/22/19 | EUX | 2 | 352,000 | 3,885 | (4,933 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
13,500 | (11,341 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Options on Futures | $24,923 | ($19,197 | ) | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Written Options | $84,544 | ($26,407 | ) | |||||||||||||||||||||||||
|
|
|
|
(h) | Swap agreements outstanding as of September 30, 2019 were as follows: |
Credit Default Swaps on Corporate Issues – Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Exchange | Implied Credit Spread at 09/30/19 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Daimler AG | Q | 1.000% | 12/20/20 | ICE | 0.157% | EUR 10,000 | $118 | $153 | ($35 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices – Buy Protection (4)
Referenced Obligation | Payment Frequency | Fixed Deal Pay Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CDX IG32 5Y | Q | 1.000% | 06/20/24 | ICE | $2,900,000 | ($62,048 | ) | ($57,961 | ) | ($4,087 | ) | |||||||||||||||||||||
CDX HY32 5Y | Q | 5.000% | 06/20/24 | ICE | 297,000 | (21,398 | ) | (22,305 | ) | 907 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($83,446 | ) | ($80,266 | ) | ($3,180 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-5
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Credit Default Swaps on Credit Indices – Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CMBX NA AAA 7 | M | 0.500% | 01/17/47 | DUB | $59,730 | $709 | ($1,855 | ) | $2,564 | |||||||||||||||||||||||
CMBX NA AAA 7 | M | 0.500% | 01/17/47 | MSC | 39,820 | 473 | (1,237 | ) | 1,710 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$1,182 | ($3,092 | ) | $4,274 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Sovereign Issues – Buy Protection (4)
Referenced Obligation | Payment Frequency | Fixed Deal Pay Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/19 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Mexico Government | Q | 1.000% | 12/20/23 | BRC | 0.923% | $200,000 | ($687 | ) | $1,839 | ($2,526 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total Credit Default Swaps |
| ($82,833 | ) | ($81,366 | ) | ($1,467 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(5) | The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest Rate Swaps – Long
Receive | Pay | Payment Frequency Receive Rate/ Pay Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
1.535% | Eurostat Eurozone HICP | Z / Z | LCH | 06/15/23 | EUR 300,000 | $9,756 | $— | $9,756 | ||||||||||||||||||||
2.500% | 3-Month USD-LIBOR | S / Q | CME | 12/19/23 | $120,000 | 5,588 | (305 | ) | 5,893 | |||||||||||||||||||
2.750% | 3-Month USD-LIBOR | S / Q | LCH | 12/19/23 | 400,000 | 23,002 | (2,706 | ) | 25,708 | |||||||||||||||||||
3.850% | GBP Retail Price | Z / Z | LCH | 09/15/24 | GBP 200,000 | 325 | — | 325 | ||||||||||||||||||||
2.335% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/28 | $190,000 | 11,969 | 338 | 11,631 | ||||||||||||||||||||
2.364% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/28 | 50,000 | 3,456 | — | 3,456 | ||||||||||||||||||||
1.620% | Eurostat Eurozone HICP | Z / Z | LCH | 05/15/28 | EUR 310,000 | 23,510 | 19 | 23,491 | ||||||||||||||||||||
2.379% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/09/28 | $500,000 | 35,127 | (287 | ) | 35,414 | |||||||||||||||||||
3.593% | GBP Retail Price | Z / Z | LCH | 11/15/28 | GBP 45,000 | (466 | ) | — | (466 | ) | ||||||||||||||||||
2.165% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/16/29 | $100,000 | 4,219 | — | 4,219 | ||||||||||||||||||||
1.998% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/25/29 | 100,000 | 2,796 | — | 2,796 | ||||||||||||||||||||
3.190% | GBP Retail Price | Z / Z | LCH | 04/15/30 | GBP 300,000 | (19,531 | ) | (18,091 | ) | (1,440 | ) | |||||||||||||||||
3.400% | GBP Retail Price | Z / Z | LCH | 06/15/30 | 200,000 | (2,958 | ) | 2,555 | (5,513 | ) | ||||||||||||||||||
3.530% | GBP Retail Price | Z / Z | LCH | 10/15/31 | 50,000 | (971 | ) | 493 | (1,464 | ) | ||||||||||||||||||
3.500% | GBP Retail Price | Z / Z | LCH | 09/15/33 | 60,000 | (1,119 | ) | 47 | (1,166 | ) | ||||||||||||||||||
3.579% | GBP Retail Price | Z / Z | LCH | 10/15/33 | 170,000 | 1,912 | — | 1,912 | ||||||||||||||||||||
3.572% | GBP Retail Price | Z / Z | LCH | 05/15/34 | 50,000 | (710 | ) | — | (710 | ) | ||||||||||||||||||
3.580% | GBP Retail Price | Z / Z | LCH | 06/15/39 | 30,000 | 1,247 | 30 | 1,217 | ||||||||||||||||||||
3.590% | GBP Retail Price | Z / Z | LCH | 06/15/39 | 40,000 | 1,837 | — | 1,837 | ||||||||||||||||||||
3.600% | GBP Retail Price | Z / Z | LCH | 06/15/39 | 140,000 | 7,046 | (24 | ) | 7,070 | |||||||||||||||||||
1.243% | Eurostat Eurozone HICP | Z / Z | LCH | 08/15/39 | EUR 40,000 | 305 | — | 305 | ||||||||||||||||||||
1.387% | Eurostat Eurozone HICP | Z / Z | LCH | 08/15/49 | 20,000 | 590 | — | 590 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$106,930 | ($17,931 | ) | $124,861 | |||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-6
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Interest Rate Swaps – Short
Pay | Receive | Payment Frequency Pay Rate/ Receive Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
1.425% | U.S. CPI Urban Consumers | Z / Z | LCH | 08/06/20 | $100,000 | ($38 | ) | $— | ($38 | ) | ||||||||||||||||||||||
1.160% | France CPI Ex Tobacco | Z / Z | LCH | 08/15/20 | EUR 80,000 | (776 | ) | 57 | (833 | ) | ||||||||||||||||||||||
2.027% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/23/20 | $100,000 | (377 | ) | — | (377 | ) | ||||||||||||||||||||||
2.021% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/25/20 | 100,000 | (366 | ) | — | (366 | ) | ||||||||||||||||||||||
1.875% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/14/21 | 3,400,000 | (11,938 | ) | — | (11,938 | ) | ||||||||||||||||||||||
1.580% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/20/21 | 200,000 | (429 | ) | — | (429 | ) | ||||||||||||||||||||||
1.592% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/20/21 | 200,000 | (477 | ) | (39 | ) | (438 | ) | |||||||||||||||||||||
2.210% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/23 | 120,000 | (3,179 | ) | — | (3,179 | ) | ||||||||||||||||||||||
2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/27/23 | 60,000 | (2,007 | ) | — | (2,007 | ) | ||||||||||||||||||||||
2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/09/23 | 120,000 | (3,979 | ) | — | (3,979 | ) | ||||||||||||||||||||||
2.281% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/23 | 180,000 | (6,442 | ) | — | (6,442 | ) | ||||||||||||||||||||||
1.030% | France CPI Ex Tobacco | Z / Z | LCH | 03/15/24 | EUR 140,000 | (2,252 | ) | (53 | ) | (2,199 | ) | |||||||||||||||||||||
2.000% | 3-Month USD-LIBOR | S / Q | CME | 07/27/26 | $400,000 | (10,202 | ) | 5,823 | (16,025 | ) | ||||||||||||||||||||||
2.400% | 3-Month USD-LIBOR | S / Q | CME | 12/07/26 | 400,000 | (17,362 | ) | — | (17,362 | ) | ||||||||||||||||||||||
1.750% | 3-Month USD-LIBOR | S / Q | LCH | 12/21/26 | 340,000 | (6,790 | ) | (2,170 | ) | (4,620 | ) | |||||||||||||||||||||
3.250% | 3-Month NZD-Bank Bills | S / Q | CME | 03/21/28 | NZD 100,000 | (10,934 | ) | 290 | (11,224 | ) | ||||||||||||||||||||||
2.765% | 3-Month USD-LIBOR | S / Q | CME | 07/18/28 | $150,000 | (15,272 | ) | — | (15,272 | ) | ||||||||||||||||||||||
1.750% | 3-Month USD-LIBOR | S / Q | CME | 09/12/29 | 3,500,000 | (17,465 | ) | 8,182 | (25,647 | ) | ||||||||||||||||||||||
3.598% | GBP Retail Price | Z / Z | LCH | 09/15/34 | GBP 210,000 | (35 | ) | 156 | (191 | ) | ||||||||||||||||||||||
2.000% | U.S. Fed Funds | A / A | LCH | 12/15/47 | $40,000 | (4,643 | ) | (72 | ) | (4,571 | ) | |||||||||||||||||||||
2.948% | 3-Month USD-LIBOR | S / Q | CME | 10/19/48 | 10,000 | (2,994 | ) | — | (2,994 | ) | ||||||||||||||||||||||
2.750% | 3-Month USD-LIBOR | S / Q | CME | 12/19/48 | 30,000 | (7,566 | ) | 508 | (8,074 | ) | ||||||||||||||||||||||
2.250% | 3-Month USD-LIBOR | S / Q | CME | 12/11/49 | 300,000 | (38,927 | ) | (692 | ) | (38,235 | ) | |||||||||||||||||||||
1.625% | 3-Month USD-LIBOR | S / Q | CME | 01/16/50 | 100,000 | 2,075 | (1,423 | ) | 3,498 | |||||||||||||||||||||||
1.625% | 3-Month USD-LIBOR | S / Q | CME | 02/03/50 | 40,000 | 825 | (2 | ) | 827 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($161,550 | ) | $10,565 | ($172,115 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps |
| ($54,620 | ) | ($7,366 | ) | ($47,254 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Swap Agreements |
| ($137,453 | ) | ($88,732 | ) | ($48,721 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
Upfront Premium Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $1,839 | $4,274 | ||||||
Liabilities | (3,092 | ) | (2,526 | ) | ||||
Centrally Cleared Swap Agreements (1) | ||||||||
Assets | 18,651 | 140,852 | ||||||
Liabilities | (106,130 | ) | (191,321 | ) | ||||
|
|
|
| |||||
($88,732 | ) | ($48,721 | ) | |||||
|
|
|
|
(1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-7
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(i) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $1,744,069 | $— | $1,744,069 | $— | |||||||||||||
Mortgage-Backed Securities | 9,663,363 | — | 9,663,363 | — | ||||||||||||||
Asset-Backed Securities | 2,953,978 | — | 2,953,978 | — | ||||||||||||||
U.S. Treasury Obligations | 36,960,723 | — | 36,960,723 | — | ||||||||||||||
Foreign Government Bonds & Notes | 3,859,754 | — | 3,859,754 | — | ||||||||||||||
Short-Term Investments | 583,075 | 182,061 | 401,014 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 5,181 | — | 5,181 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 37,460 | — | 37,460 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 104,014 | 104,014 | — | — | ||||||||||||||
Purchased Options | 2,426 | — | 2,426 | — | ||||||||||||||
Swaps | 139,945 | — | 139,945 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 246,385 | 104,014 | 142,371 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 289,026 | 104,014 | 185,012 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 56,053,988 | 286,075 | 55,767,913 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Sale-buyback Financing Transactions | (12,094,294 | ) | — | (12,094,294 | ) | — | |||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Written Options | (227 | ) | — | (227 | ) | |||||||||||||
Swaps | (6,648 | ) | — | (6,648 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Credit Contracts | (6,875 | ) | — | (6,875 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (32,076 | ) | — | (32,076 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (92,273 | ) | (92,273 | ) | — | — | ||||||||||||
Written Options | (26,180 | ) | — | (26,180 | ) | — | ||||||||||||
Swaps | (187,199 | ) | — | (187,199 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (305,652 | ) | (92,273 | ) | (213,379 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (344,603 | ) | (92,273 | ) | (252,330 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (12,438,897 | ) | (92,273 | ) | (12,346,624 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $43,615,091 | $193,802 | $43,421,289 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-8
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 48.2% |
| |||||||
Basic Materials - 1.1% |
| |||||||
Anglo American Capital PLC (South Africa) | $250,000 | $257,900 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
4.550% due 03/11/26 | 10,000 | 10,471 | ||||||
6.125% due 06/01/25 | 80,000 | 90,098 | ||||||
7.000% due 10/15/39 | 80,000 | 97,092 | ||||||
Barrick Gold Corp (Canada) | ||||||||
5.250% due 04/01/42 | 30,000 | 36,746 | ||||||
Barrick North America Finance LLC (Canada) | ||||||||
5.700% due 05/30/41 | 90,000 | 113,362 | ||||||
BHP Billiton Finance USA Ltd (Australia) | 270,000 | 315,973 | ||||||
Braskem Finance Ltd (Brazil) | 400,000 | 416,004 | ||||||
Freeport-McMoRan Inc | ||||||||
3.550% due 03/01/22 | 10,000 | 10,050 | ||||||
5.450% due 03/15/43 | 170,000 | 153,915 | ||||||
Glencore Funding LLC (Switzerland) | ||||||||
2.875% due 04/16/20 ~ | 60,000 | 60,209 | ||||||
3.875% due 10/27/27 ~ | 30,000 | 30,761 | ||||||
4.000% due 03/27/27 ~ | 260,000 | 267,533 | ||||||
4.125% due 03/12/24 ~ | 170,000 | 178,802 | ||||||
Indonesia Asahan Aluminium Persero PT (Indonesia) | 700,000 | 857,208 | ||||||
Newcrest Finance Pty Ltd (Australia) | 500,000 | 519,055 | ||||||
Nutrien Ltd (Canada) | 40,000 | 40,492 | ||||||
OCP SA (Morocco) | 200,000 | 210,750 | ||||||
SASOL Financing USA LLC (South Africa) | 500,000 | 540,539 | ||||||
Southern Copper Corp (Peru) | 360,000 | 468,002 | ||||||
Syngenta Finance NV (Switzerland) | 600,000 | 602,061 | ||||||
Vale Overseas Ltd (Brazil) | 48,000 | 61,056 | ||||||
Yamana Gold Inc (Brazil) | 90,000 | 95,390 | ||||||
|
| |||||||
5,433,469 | ||||||||
|
| |||||||
Communications - 4.5% |
| |||||||
Altice Financing SA (Luxembourg) | EUR 300,000 | 337,281 | ||||||
Altice France SA (France) | ||||||||
6.250% due 05/15/24 ~ | $600,000 | 621,450 | ||||||
7.375% due 05/01/26 ~ | 200,000 | 215,192 | ||||||
Amazon.com Inc | ||||||||
3.875% due 08/22/37 | 70,000 | 80,548 | ||||||
4.050% due 08/22/47 | 80,000 | 96,435 | ||||||
4.950% due 12/05/44 | 60,000 | 79,669 | ||||||
AT&T Inc | ||||||||
3.400% due 05/15/25 | 200,000 | 208,999 | ||||||
3.800% due 03/15/22 | 800,000 | 830,779 | ||||||
4.350% due 06/15/45 | 240,000 | 253,630 | ||||||
CCO Holdings LLC | 130,000 | 136,013 | ||||||
Charter Communications Operating LLC | ||||||||
3.579% due 07/23/20 | 2,060,000 | 2,078,730 | ||||||
4.464% due 07/23/22 | 1,000,000 | 1,053,107 | ||||||
5.375% due 04/01/38 | 20,000 | 22,425 | ||||||
5.750% due 04/01/48 | 10,000 | 11,413 | ||||||
6.384% due 10/23/35 | 50,000 | 60,652 | ||||||
6.834% due 10/23/55 | 30,000 | 37,985 |
Principal Amount | Value | |||||||
Comcast Cable Communications Holdings Inc | $400,000 | $490,077 | ||||||
Comcast Corp | ||||||||
3.375% due 08/15/25 | 20,000 | 21,166 | ||||||
3.700% due 04/15/24 | 1,000,000 | 1,066,901 | ||||||
3.950% due 10/15/25 | 200,000 | 217,926 | ||||||
3.999% due 11/01/49 | 51,000 | 56,774 | ||||||
4.150% due 10/15/28 | 290,000 | 325,653 | ||||||
4.250% due 10/15/30 | 100,000 | 113,916 | ||||||
5.650% due 06/15/35 | 20,000 | 26,203 | ||||||
Deutsche Telekom International Finance BV (Germany) | 1,500,000 | 1,518,294 | ||||||
DISH DBS Corp | 200,000 | 199,000 | ||||||
eBay Inc | ||||||||
2.750% due 01/30/23 | 500,000 | 506,399 | ||||||
3.800% due 03/09/22 | 800,000 | 828,996 | ||||||
Expedia Group Inc | 800,000 | 838,116 | ||||||
Fox Corp | 80,000 | 98,432 | ||||||
Netflix Inc | 20,000 | 20,670 | ||||||
Sprint Capital Corp | 160,000 | 197,752 | ||||||
Sprint Communications Inc | 600,000 | 611,250 | ||||||
Sprint Corp | ||||||||
7.250% due 09/15/21 | 450,000 | 481,320 | ||||||
7.875% due 09/15/23 | 20,000 | 22,019 | ||||||
Sprint Spectrum Co LLC | ||||||||
3.360% due 03/20/23 ~ | 100,000 | 100,625 | ||||||
4.738% due 09/20/29 ~ | 450,000 | 479,480 | ||||||
Telefonica Emisiones SAU (Spain) | 150,000 | 175,006 | ||||||
Telstra Corp Ltd (Australia) | 800,000 | 838,657 | ||||||
The Interpublic Group of Cos Inc | 800,000 | 826,928 | ||||||
Time Warner Cable LLC | ||||||||
4.125% due 02/15/21 | 770,000 | 784,029 | ||||||
5.875% due 11/15/40 | 50,000 | 56,051 | ||||||
6.550% due 05/01/37 | 100,000 | 120,284 | ||||||
7.300% due 07/01/38 | 60,000 | 76,637 | ||||||
Time Warner Entertainment Co LP | 20,000 | 27,690 | ||||||
United Group BV (Netherlands) | EUR 600,000 | 682,786 | ||||||
UPCB Finance IV Ltd (Netherlands) | $200,000 | 206,500 | ||||||
Verizon Communications Inc | ||||||||
2.625% due 08/15/26 | 20,000 | 20,277 | ||||||
3.376% due 02/15/25 | 1,346,000 | 1,422,555 | ||||||
3.850% due 11/01/42 | 20,000 | 21,496 | ||||||
4.329% due 09/21/28 | 5,000 | 5,676 | ||||||
4.400% due 11/01/34 | 90,000 | 102,743 | ||||||
4.500% due 08/10/33 | 320,000 | 372,690 | ||||||
5.500% due 03/16/47 | 30,000 | 39,673 | ||||||
Vodafone Group PLC (United Kingdom) | ||||||||
3.750% due 01/16/24 | 1,300,000 | 1,371,555 | ||||||
4.375% due 05/30/28 | 120,000 | 132,671 | ||||||
WPP Finance 2010 (United Kingdom) | 1,000,000 | 1,047,356 | ||||||
|
| |||||||
22,676,537 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.7% |
| |||||||
BMW Finance NV (Germany) | 900,000 | 901,164 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-9
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Daimler Finance North America LLC (Germany) | ||||||||
2.550% due 08/15/22 ~ | $1,100,000 | $1,104,658 | ||||||
2.850% due 01/06/22 ~ | 900,000 | 911,517 | ||||||
3.350% due 05/04/21 ~ | 500,000 | 508,377 | ||||||
3.400% due 02/22/22 ~ | 1,100,000 | 1,125,735 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 782,880 | 860,268 | ||||||
Ford Motor Co | 10,000 | 8,685 | ||||||
Ford Motor Credit Co LLC | EUR 800,000 | 856,650 | ||||||
3.200% due 01/15/21 | $900,000 | 901,429 | ||||||
3.393% (USD LIBOR + 1.235%) | 300,000 | 291,072 | ||||||
4.593% (USD LIBOR + 2.550%) | 1,000,000 | 1,015,485 | ||||||
5.085% due 01/07/21 | 600,000 | 615,454 | ||||||
5.875% due 08/02/21 | 200,000 | 209,543 | ||||||
8.125% due 01/15/20 | 600,000 | 609,967 | ||||||
General Motors Co | ||||||||
5.150% due 04/01/38 | 20,000 | 20,230 | ||||||
5.950% due 04/01/49 | 20,000 | 21,449 | ||||||
6.250% due 10/02/43 | 40,000 | 43,769 | ||||||
General Motors Financial Co Inc | ||||||||
0.147% (EUR LIBOR + 0.550%) | EUR 700,000 | 758,172 | ||||||
2.450% due 11/06/20 | $480,000 | 479,842 | ||||||
3.150% due 01/15/20 | 400,000 | 400,615 | ||||||
3.200% due 07/13/20 | 600,000 | 603,383 | ||||||
4.200% due 03/01/21 | 400,000 | 408,726 | ||||||
4.250% due 05/15/23 | 30,000 | 31,349 | ||||||
4.350% due 01/17/27 | 20,000 | 20,589 | ||||||
5.100% due 01/17/24 | 800,000 | 860,728 | ||||||
Harley-Davidson Financial Services Inc | 500,000 | 507,807 | ||||||
Hilton Worldwide Finance LLC | 130,000 | 137,924 | ||||||
Las Vegas Sands Corp | 230,000 | 234,570 | ||||||
Marriott International Inc | 800,000 | 852,159 | ||||||
McDonald’s Corp | ||||||||
2.686% (USD LIBOR + 0.430%) | 500,000 | 500,250 | ||||||
3.500% due 03/01/27 | 10,000 | 10,699 | ||||||
3.700% due 01/30/26 | 130,000 | 139,669 | ||||||
3.800% due 04/01/28 | 30,000 | 32,888 | ||||||
MGM Resorts International | 800,000 | 897,008 | ||||||
New Red Finance Inc (Canada) | 50,000 | 51,561 | ||||||
Newell Brands Inc | ||||||||
3.850% due 04/01/23 | 20,000 | 20,636 | ||||||
4.200% due 04/01/26 | 10,000 | 10,455 | ||||||
Nissan Motor Acceptance Corp | ||||||||
2.891% (USD LIBOR + 0.890%) | 1,000,000 | 1,004,710 | ||||||
Sands China Ltd (Macau) | 310,000 | 341,130 | ||||||
VOC Escrow Ltd | 140,000 | 145,264 | ||||||
Volkswagen Group of America Finance LLC (Germany) | ||||||||
3.121% (USD LIBOR + 0.940%) | 800,000 | 804,700 | ||||||
4.625% due 11/13/25 ~ | 800,000 | 882,595 | ||||||
4.750% due 11/13/28 ~ | 1,000,000 | 1,113,663 | ||||||
Volkswagen International Finance NV (Germany) 1.144% (EUR LIBOR + 1.550%) | EUR 600,000 | 673,343 |
Principal Amount | Value | |||||||
Volkswagen Leasing GmbH (Germany) | EUR 100,000 | $109,438 | ||||||
Walmart Inc | $160,000 | 177,631 | ||||||
WestJet Airlines Ltd (Canada) | 600,000 | 610,308 | ||||||
ZF North America Capital Inc (Germany) | 500,000 | 511,838 | ||||||
|
| |||||||
23,339,102 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 6.8% |
| |||||||
Abbott Laboratories |
| |||||||
3.750% due 11/30/26 | 38,000 | 41,439 | ||||||
4.750% due 11/30/36 | 70,000 | 86,149 | ||||||
4.900% due 11/30/46 | 40,000 | 51,680 | ||||||
AbbVie Inc | ||||||||
2.900% due 11/06/22 | 900,000 | 917,886 | ||||||
3.375% due 11/14/21 | 700,000 | 717,713 | ||||||
3.600% due 05/14/25 | 70,000 | 72,847 | ||||||
Aetna Inc | 40,000 | 40,535 | ||||||
Allergan Funding SCS | ||||||||
3.450% due 03/15/22 | 80,000 | 82,019 | ||||||
3.800% due 03/15/25 | 90,000 | 94,315 | ||||||
Allergan Sales LLC | 700,000 | 735,604 | ||||||
Altria Group Inc | ||||||||
2.850% due 08/09/22 | 80,000 | 80,974 | ||||||
3.490% due 02/14/22 | 40,000 | 41,044 | ||||||
3.800% due 02/14/24 | 40,000 | 41,846 | ||||||
4.400% due 02/14/26 | 290,000 | 310,244 | ||||||
4.800% due 02/14/29 | 290,000 | 318,283 | ||||||
5.800% due 02/14/39 | 90,000 | 104,545 | ||||||
5.950% due 02/14/49 | 50,000 | 58,903 | ||||||
6.200% due 02/14/59 | 30,000 | 35,517 | ||||||
Amgen Inc | ||||||||
2.125% due 05/01/20 | 20,000 | 19,995 | ||||||
3.625% due 05/22/24 | 30,000 | 31,806 | ||||||
4.663% due 06/15/51 | 11,000 | 12,827 | ||||||
5.375% due 05/15/43 | 30,000 | 37,330 | ||||||
Anheuser-Busch Cos LLC (Belgium) | ||||||||
3.650% due 02/01/26 | 110,000 | 117,956 | ||||||
4.900% due 02/01/46 | 100,000 | 119,145 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | ||||||||
4.150% due 01/23/25 | 90,000 | 98,391 | ||||||
4.750% due 01/23/29 | 380,000 | 442,861 | ||||||
Anthem Inc | ||||||||
3.125% due 05/15/22 | 30,000 | 30,700 | ||||||
3.350% due 12/01/24 | 40,000 | 41,622 | ||||||
3.650% due 12/01/27 | 80,000 | 84,262 | ||||||
Bacardi Ltd (Bermuda) | 600,000 | 611,862 | ||||||
BAT Capital Corp (United Kingdom) | ||||||||
2.764% due 08/15/22 | 800,000 | 807,870 | ||||||
3.557% due 08/15/27 | 100,000 | 100,644 | ||||||
4.540% due 08/15/47 | 170,000 | 163,502 | ||||||
Bayer US Finance II LLC (Germany) | 600,000 | 627,226 | ||||||
Becton Dickinson & Co | ||||||||
3.363% due 06/06/24 | 110,000 | 114,818 | ||||||
3.700% due 06/06/27 | 100,000 | 106,039 | ||||||
3.734% due 12/15/24 | 50,000 | 52,945 | ||||||
4.685% due 12/15/44 | 32,000 | 37,006 | ||||||
Bristol-Myers Squibb Co | ||||||||
2.900% due 07/26/24 ~ | 150,000 | 154,883 | ||||||
3.200% due 06/15/26 ~ | 120,000 | 125,912 | ||||||
3.400% due 07/26/29 ~ | 150,000 | 160,520 | ||||||
Campbell Soup Co | ||||||||
3.300% due 03/15/21 | 600,000 | 608,810 | ||||||
3.650% due 03/15/23 | 800,000 | 832,810 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-10
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Celgene Corp | ||||||||
2.250% due 08/15/21 | $50,000 | $50,016 | ||||||
2.875% due 02/19/21 | 500,000 | 504,945 | ||||||
3.250% due 08/15/22 | 400,000 | 412,293 | ||||||
3.550% due 08/15/22 | 90,000 | 93,539 | ||||||
3.875% due 08/15/25 | 50,000 | 54,016 | ||||||
5.000% due 08/15/45 | 150,000 | 188,469 | ||||||
Centene Corp | 120,000 | 125,274 | ||||||
Cigna Corp | ||||||||
2.789% (USD LIBOR + 0.650%) | 1,200,000 | 1,200,049 | ||||||
2.891% (USD LIBOR + 0.890%) | 700,000 | 701,948 | ||||||
3.750% due 07/15/23 | 150,000 | 157,004 | ||||||
4.125% due 11/15/25 | 40,000 | 43,129 | ||||||
4.375% due 10/15/28 | 360,000 | 395,382 | ||||||
Conagra Brands Inc | 800,000 | 825,822 | ||||||
Constellation Brands Inc | ||||||||
2.250% due 11/06/20 | 800,000 | 800,379 | ||||||
4.250% due 05/01/23 | 30,000 | 32,095 | ||||||
CVS Health Corp | ||||||||
3.700% due 03/09/23 | 1,050,000 | 1,093,557 | ||||||
4.100% due 03/25/25 | 250,000 | 267,121 | ||||||
4.300% due 03/25/28 | 690,000 | 746,937 | ||||||
5.050% due 03/25/48 | 110,000 | 125,293 | ||||||
5.125% due 07/20/45 | 60,000 | 68,476 | ||||||
Danone SA (France) | 200,000 | 202,894 | ||||||
DP World PLC (United Arab Emirates) | 200,000 | 231,972 | ||||||
Eli Lilly & Co | 10,000 | 10,526 | ||||||
EMD Finance LLC (Germany) | 500,000 | 500,012 | ||||||
Gilead Sciences Inc | ||||||||
3.650% due 03/01/26 | 30,000 | 32,172 | ||||||
3.700% due 04/01/24 | 80,000 | 84,827 | ||||||
4.750% due 03/01/46 | 30,000 | 36,081 | ||||||
HCA Inc | ||||||||
4.500% due 02/15/27 | 40,000 | 42,959 | ||||||
7.500% due 02/15/22 | 80,000 | 88,864 | ||||||
Humana Inc | ||||||||
3.150% due 12/01/22 | 50,000 | 51,217 | ||||||
3.950% due 03/15/27 | 50,000 | 53,148 | ||||||
4.625% due 12/01/42 | 50,000 | 54,945 | ||||||
4.800% due 03/15/47 | 20,000 | 22,882 | ||||||
4.950% due 10/01/44 | 20,000 | 23,062 | ||||||
IHS Markit Ltd | 900,000 | 959,923 | ||||||
Imperial Brands Finance PLC (United Kingdom) 3.875% due 07/26/29 ~ | 1,000,000 | 1,009,975 | ||||||
Japan Tobacco Inc (Japan) | 300,000 | 298,327 | ||||||
Johnson & Johnson | 100,000 | 111,707 | ||||||
Keurig Dr Pepper Inc | 1,000,000 | 1,058,786 | ||||||
Kraft Heinz Foods Co | ||||||||
2.751% (USD LIBOR + 0.570%) | 900,000 | 898,306 | ||||||
3.950% due 07/15/25 | 120,000 | 125,719 | ||||||
Mars Inc | ||||||||
2.700% due 04/01/25 ~ | 40,000 | 41,076 | ||||||
3.200% due 04/01/30 ~ | 40,000 | 42,365 | ||||||
Medtronic Inc | 52,000 | 55,859 | ||||||
Mondelez International Holdings Netherlands BV 2.000% due 10/28/21 ~ | 900,000 | 898,472 |
Principal Amount | Value | |||||||
Mylan NV | EUR 900,000 | $1,043,859 | ||||||
PayPal Holdings Inc | $900,000 | 904,807 | ||||||
Pernod Ricard SA (France) | ||||||||
4.250% due 07/15/22 ~ | 800,000 | 842,493 | ||||||
4.450% due 01/15/22 ~ | 150,000 | 157,422 | ||||||
5.750% due 04/07/21 ~ | 750,000 | 789,434 | ||||||
Philip Morris International Inc | ||||||||
2.500% due 08/22/22 | 210,000 | 212,206 | ||||||
2.500% due 11/02/22 | 80,000 | 80,864 | ||||||
4.500% due 03/20/42 | 30,000 | 33,451 | ||||||
Prime Security Services Borrower LLC | 50,000 | 52,190 | ||||||
Reckitt Benckiser Treasury Services PLC (United Kingdom) | 600,000 | 603,928 | ||||||
Reynolds American Inc (United Kingdom) | ||||||||
3.250% due 06/12/20 | 81,000 | 81,523 | ||||||
5.850% due 08/15/45 | 50,000 | 55,443 | ||||||
6.150% due 09/15/43 | 30,000 | 34,047 | ||||||
6.875% due 05/01/20 | 400,000 | 410,511 | ||||||
Takeda Pharmaceutical Co Ltd (Japan) | ||||||||
4.000% due 11/26/21 ~ | 1,000,000 | 1,035,681 | ||||||
4.400% due 11/26/23 ~ | 1,000,000 | 1,077,734 | ||||||
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22 | 40,000 | 34,450 | ||||||
Teva Pharmaceutical Finance IV BV (Israel) | 100,000 | 92,625 | ||||||
Teva Pharmaceutical Finance Netherlands II BV (Israel) | EUR 900,000 | 825,490 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||||||||
2.200% due 07/21/21 | $620,000 | 568,850 | ||||||
2.800% due 07/21/23 | 110,000 | 89,238 | ||||||
United Rentals North America Inc | ||||||||
5.500% due 07/15/25 | 50,000 | 52,213 | ||||||
5.875% due 09/15/26 | 90,000 | 96,305 | ||||||
UnitedHealth Group Inc | ||||||||
3.700% due 08/15/49 | 20,000 | 21,261 | ||||||
3.750% due 07/15/25 | 80,000 | 86,156 | ||||||
3.875% due 12/15/28 | 120,000 | 132,122 | ||||||
3.875% due 08/15/59 | 40,000 | 42,404 | ||||||
Wm Wrigley Jr Co | 70,000 | 71,008 | ||||||
|
| |||||||
33,722,820 | ||||||||
|
| |||||||
Energy - 1.9% |
| |||||||
Apache Corp |
| |||||||
3.250% due 04/15/22 | 24,000 | 24,441 | ||||||
4.250% due 01/15/44 | 170,000 | 151,869 | ||||||
4.375% due 10/15/28 | 20,000 | 20,530 | ||||||
4.750% due 04/15/43 | 30,000 | 28,874 | ||||||
5.100% due 09/01/40 | 80,000 | 79,916 | ||||||
Baker Hughes LLC | 900,000 | 915,604 | ||||||
BG Energy Capital PLC (United Kingdom) | 800,000 | 829,179 | ||||||
Blue Racer Midstream LLC | 30,000 | 30,309 | ||||||
BP Capital Markets PLC (United Kingdom) | 130,000 | 137,989 | ||||||
3.535% due 11/04/24 | 40,000 | 42,501 | ||||||
Cimarex Energy Co | 170,000 | 173,265 | ||||||
Concho Resources Inc | ||||||||
3.750% due 10/01/27 | 10,000 | 10,404 | ||||||
4.300% due 08/15/28 | 180,000 | 194,325 | ||||||
4.375% due 01/15/25 | 50,000 | 51,830 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-11
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
ConocoPhillips | $10,000 | $14,490 | ||||||
Continental Resources Inc | ||||||||
3.800% due 06/01/24 | 50,000 | 51,009 | ||||||
4.375% due 01/15/28 | 40,000 | 41,400 | ||||||
4.500% due 04/15/23 | 40,000 | 41,583 | ||||||
Devon Energy Corp | 160,000 | 185,656 | ||||||
Ecopetrol SA (Colombia) | 270,000 | 318,155 | ||||||
Energy Transfer Operating LP | ||||||||
4.950% due 06/15/28 | 40,000 | 44,007 | ||||||
6.250% due 04/15/49 | 10,000 | 12,159 | ||||||
Enterprise Products Operating LLC | 160,000 | 177,375 | ||||||
EOG Resources Inc | 70,000 | 77,486 | ||||||
Exxon Mobil Corp | ||||||||
3.043% due 03/01/26 | 140,000 | 147,007 | ||||||
4.114% due 03/01/46 | 50,000 | 59,488 | ||||||
KazMunayGas National Co JSC (Kazakhstan) | 200,000 | 225,225 | ||||||
Kinder Morgan Energy Partners LP | 80,000 | 81,228 | ||||||
MPLX LP | ||||||||
3.002% (USD LIBOR + 0.900%) | 1,000,000 | 1,003,459 | ||||||
4.500% due 04/15/38 | 100,000 | 103,882 | ||||||
4.700% due 04/15/48 | 60,000 | 62,777 | ||||||
4.800% due 02/15/29 | 100,000 | 110,593 | ||||||
4.875% due 12/01/24 | 100,000 | 109,852 | ||||||
Noble Energy Inc | ||||||||
3.850% due 01/15/28 | 30,000 | 31,166 | ||||||
5.250% due 11/15/43 | 80,000 | 89,287 | ||||||
Oasis Petroleum Inc | 10,000 | 9,200 | ||||||
Occidental Petroleum Corp | ||||||||
2.700% due 08/15/22 | 70,000 | 70,642 | ||||||
2.900% due 08/15/24 | 40,000 | 40,349 | ||||||
3.000% due 02/15/27 | 180,000 | 178,840 | ||||||
4.100% due 02/15/47 | 120,000 | 117,074 | ||||||
4.200% due 03/15/48 | 10,000 | 9,934 | ||||||
4.400% due 04/15/46 | 20,000 | 20,382 | ||||||
4.625% due 06/15/45 | 50,000 | 51,730 | ||||||
4.850% due 03/15/21 | 24,000 | 24,822 | ||||||
5.550% due 03/15/26 | 190,000 | 214,987 | ||||||
6.450% due 09/15/36 | 310,000 | 384,179 | ||||||
Petrobras Global Finance BV (Brazil) | ||||||||
5.299% due 01/27/25 | 1,075,000 | 1,176,050 | ||||||
6.900% due 03/19/49 | 30,000 | 34,470 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
6.375% due 01/23/45 | 70,000 | 65,188 | ||||||
6.875% due 08/04/26 | 220,000 | 237,050 | ||||||
Range Resources Corp | ||||||||
4.875% due 05/15/25 | 10,000 | 8,300 | ||||||
5.000% due 03/15/23 | 150,000 | 131,625 | ||||||
Shell International Finance BV (Netherlands) | ||||||||
2.875% due 05/10/26 | 50,000 | 52,164 | ||||||
4.375% due 05/11/45 | 130,000 | 157,423 | ||||||
4.550% due 08/12/43 | 50,000 | 61,374 | ||||||
Sinopec Group Overseas Development Ltd (China) | 290,000 | 313,008 | ||||||
Targa Resources Partners LP | 60,000 | 60,675 | ||||||
5.875% due 04/15/26 | 40,000 | 42,400 | ||||||
6.500% due 07/15/27 ~ | 10,000 | 10,936 | ||||||
6.875% due 01/15/29 ~ | 10,000 | 10,951 | ||||||
The Williams Cos Inc | 190,000 | 250,041 |
Principal Amount | Value | |||||||
Transcontinental Gas Pipe Line Co LLC | $30,000 | $38,008 | ||||||
Western Midstream Operating LP | 100,000 | 98,905 | ||||||
|
| |||||||
9,549,027 | ||||||||
|
| |||||||
Financial - 22.3% |
| |||||||
AerCap Ireland Capital DAC (Ireland) |
| |||||||
3.950% due 02/01/22 | 800,000 | 826,606 | ||||||
4.450% due 10/01/25 | 500,000 | 533,853 | ||||||
4.625% due 07/01/22 | 800,000 | 845,066 | ||||||
AIB Group PLC (Ireland) | 500,000 | 529,132 | ||||||
Aircastle Ltd | 500,000 | 518,371 | ||||||
Ambac LSNI LLC (Cayman) | 356,182 | 360,635 | ||||||
American Express Co | 1,100,000 | 1,122,303 | ||||||
3.400% due 02/27/23 | 700,000 | 727,360 | ||||||
American Express Credit Corp | 80,000 | 80,113 | ||||||
American Homes 4 Rent LP REIT | 100,000 | 107,987 | ||||||
American International Group Inc | 630,000 | 665,897 | ||||||
American Tower Corp REIT | 500,000 | 537,461 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | 500,000 | 502,242 | ||||||
3.300% due 05/17/21 | 500,000 | 510,424 | ||||||
AvalonBay Communities Inc REIT | 300,000 | 317,365 | ||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | EUR 800,000 | 965,969 | ||||||
Banco Santander SA (Spain) | ||||||||
3.848% due 04/12/23 | $200,000 | 208,569 | ||||||
4.379% due 04/12/28 | 200,000 | 218,822 | ||||||
Bank of America Corp | ||||||||
2.917% (USD LIBOR + 0.790%) | 700,000 | 701,534 | ||||||
3.004% due 12/20/23 | 155,000 | 158,385 | ||||||
3.283% (USD LIBOR + 1.000%) | 500,000 | 504,170 | ||||||
3.419% due 12/20/28 | 203,000 | 211,988 | ||||||
3.500% due 04/19/26 | 110,000 | 117,084 | ||||||
3.550% due 03/05/24 | 90,000 | 93,644 | ||||||
3.593% due 07/21/28 | 100,000 | 105,804 | ||||||
3.864% due 07/23/24 | 500,000 | 526,879 | ||||||
3.974% due 02/07/30 | 540,000 | 591,633 | ||||||
4.100% due 07/24/23 | 500,000 | 534,216 | ||||||
4.200% due 08/26/24 | 160,000 | 171,732 | ||||||
4.250% due 10/22/26 | 420,000 | 455,486 | ||||||
4.330% due 03/15/50 | 20,000 | 23,665 | ||||||
4.450% due 03/03/26 | 90,000 | 98,167 | ||||||
Bank of Montreal (Canada) | 60,000 | 62,282 | ||||||
Banque Federative du Credit Mutuel SA (France) | 600,000 | 631,867 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
2.676% (USD LIBOR + 0.400%) | 900,000 | 900,210 | ||||||
7.625% due 11/21/22 | 800,000 | 882,572 | ||||||
Barclays PLC (United Kingdom) | ||||||||
3.588% (USD LIBOR + 1.430%) | 1,000,000 | 1,000,169 | ||||||
3.684% due 01/10/23 | 500,000 | 508,734 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-12
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
4.610% due 02/15/23 | $700,000 | $727,543 | ||||||
4.972% due 05/16/29 | 900,000 | 988,540 | ||||||
8.000% due 12/15/20 | EUR 600,000 | 700,581 | ||||||
Berkshire Hathaway Finance Corp | $120,000 | 142,461 | ||||||
BNP Paribas SA (France) | ||||||||
4.375% due 03/01/33 ~ | 250,000 | 263,958 | ||||||
4.705% due 01/10/25 ~ | 230,000 | 248,779 | ||||||
5.198% due 01/10/30 ~ | 410,000 | 480,309 | ||||||
Boston Properties LP REIT | 500,000 | 569,349 | ||||||
BPCE SA (France) | 850,000 | 897,052 | ||||||
Capital One Financial Corp | 500,000 | 541,561 | ||||||
Carlyle Finance LLC | 150,000 | 177,424 | ||||||
CBL & Associates LP REIT | 1,200,000 | 849,000 | ||||||
Citibank NA | ||||||||
2.844% due 05/20/22 | 1,000,000 | 1,010,475 | ||||||
2.850% due 02/12/21 | 800,000 | 809,362 | ||||||
3.650% due 01/23/24 | 1,600,000 | 1,695,960 | ||||||
Citigroup Inc | ||||||||
2.750% due 04/25/22 | 800,000 | 812,206 | ||||||
4.075% due 04/23/29 | 150,000 | 163,914 | ||||||
4.400% due 06/10/25 | 170,000 | 182,925 | ||||||
5.300% due 05/06/44 | 102,000 | 127,000 | ||||||
5.500% due 09/13/25 | 220,000 | 249,424 | ||||||
5.950% due 01/30/23 | 300,000 | 312,214 | ||||||
5.950% due 05/15/25 | 210,000 | 222,521 | ||||||
6.675% due 09/13/43 | 70,000 | 101,657 | ||||||
8.125% due 07/15/39 | 70,000 | 114,498 | ||||||
Commonwealth Bank of Australia (Australia) | 70,000 | 70,077 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
3.125% due 04/26/21 | 400,000 | 406,981 | ||||||
4.625% due 12/01/23 | 290,000 | 312,008 | ||||||
5.500% due 06/29/20 ~ | EUR 700,000 | 787,230 | ||||||
6.625% due 06/29/21 ~ | 400,000 | 476,173 | ||||||
6.875% due 03/19/20 ~ | 300,000 | 337,444 | ||||||
Credit Agricole SA (France) | $300,000 | 301,980 | ||||||
Credit Suisse AG (Switzerland) | 1,200,000 | 1,339,277 | ||||||
Credit Suisse Group AG (Switzerland) | 750,000 | 755,227 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | ||||||||
3.750% due 03/26/25 | 800,000 | 841,241 | ||||||
3.800% due 09/15/22 | 800,000 | 831,465 | ||||||
3.800% due 06/09/23 | 800,000 | 835,908 | ||||||
4.875% due 05/15/45 | 270,000 | 331,161 | ||||||
Danske Bank AS (Denmark) | ||||||||
5.000% due 01/12/22 ~ | 200,000 | 210,346 | ||||||
5.375% due 01/12/24 ~ | 200,000 | 219,846 | ||||||
Deutsche Bank AG (Germany) | ||||||||
2.971% (USD LIBOR + 0.970%) | 500,000 | 498,882 | ||||||
3.150% due 01/22/21 | 600,000 | 598,815 | ||||||
3.950% due 02/27/23 | 500,000 | 507,557 | ||||||
4.250% due 10/14/21 | 900,000 | 913,258 | ||||||
5.000% due 02/14/22 | 900,000 | 932,266 | ||||||
Digital Realty Trust LP REIT | 500,000 | 553,329 | ||||||
EPR Properties REIT | 400,000 | 430,474 | ||||||
ERP Operating LP REIT | 200,000 | 211,578 |
Principal Amount | Value | |||||||
GE Capital International Funding Co | $1,183,000 | $1,180,437 | ||||||
GE Capital UK Funding Unlimited Co | GBP 600,000 | 771,945 | ||||||
Goodman US Finance Three LLC REIT (Australia) | $200,000 | 207,868 | ||||||
Host Hotels & Resorts LP REIT | 200,000 | 211,455 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
2.724% (USD LIBOR + 0.600%) | 500,000 | 500,573 | ||||||
3.400% due 03/08/21 | 1,500,000 | 1,523,375 | ||||||
3.900% due 05/25/26 | 200,000 | 212,279 | ||||||
3.973% due 05/22/30 | 200,000 | 213,762 | ||||||
4.583% due 06/19/29 | 560,000 | 621,714 | ||||||
Industrial & Commercial Bank of China Ltd (China) | 800,000 | 800,408 | ||||||
ING Groep NV (Netherlands) | ||||||||
3.150% due 03/29/22 | 800,000 | 818,335 | ||||||
4.625% due 01/06/26 ~ | 700,000 | 774,940 | ||||||
International Lease Finance Corp | 150,000 | 164,402 | ||||||
Intesa Sanpaolo SPA (Italy) | ||||||||
3.375% due 01/12/23 ~ | 220,000 | 221,983 | ||||||
5.017% due 06/26/24 ~ | 370,000 | 381,211 | ||||||
Jackson National Life Global Funding | ||||||||
2.375% due 09/15/22 ~ | 900,000 | 905,380 | ||||||
3.300% due 06/11/21 ~ | 400,000 | 407,892 | ||||||
JPMorgan Chase & Co | ||||||||
2.550% due 10/29/20 | 1,000,000 | 1,005,311 | ||||||
2.700% due 05/18/23 | 1,400,000 | 1,424,928 | ||||||
3.125% due 01/23/25 | 500,000 | 518,425 | ||||||
3.509% due 01/23/29 | 150,000 | 158,674 | ||||||
3.514% due 06/18/22 | 500,000 | 511,838 | ||||||
3.797% due 07/23/24 | 500,000 | 527,986 | ||||||
4.203% due 07/23/29 | 170,000 | 189,026 | ||||||
4.250% due 10/01/27 | 120,000 | 132,014 | ||||||
4.452% due 12/05/29 | 220,000 | 249,044 | ||||||
4.950% due 06/01/45 | 250,000 | 310,800 | ||||||
JPMorgan Chase Bank NA | ||||||||
2.607% (USD LIBOR + 0.340%) | 500,000 | 500,320 | ||||||
3.086% due 04/26/21 | 300,000 | 301,613 | ||||||
KEB Hana Bank (South Korea) | 900,000 | 919,138 | ||||||
Kilroy Realty LP REIT | 1,000,000 | 1,126,313 | ||||||
Kimco Realty Corp REIT | 900,000 | 907,822 | ||||||
KKR Group Finance Co II LLC | 30,000 | 36,558 | ||||||
LifeStorage LP REIT | 800,000 | 822,155 | ||||||
Lloyds Bank PLC (United Kingdom) | 500,000 | 508,760 | ||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||
2.408% (AUD Bank Bill + 1.400%) | AUD 800,000 | 528,629 | ||||||
2.858% due 03/17/23 | $1,100,000 | 1,103,940 | ||||||
3.574% due 11/07/28 | 200,000 | 204,212 | ||||||
4.000% due 03/07/25 | AUD 900,000 | 649,130 | ||||||
4.450% due 05/08/25 | $500,000 | 538,593 | ||||||
4.500% due 11/04/24 | 260,000 | 271,641 | ||||||
7.625% due 06/27/23 ~ | GBP 600,000 | 804,633 | ||||||
Metropolitan Life Global Funding | $700,000 | 752,929 | ||||||
Mid-America Apartments LP REIT | 700,000 | 772,681 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-13
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Mitsubishi UFJ Financial Group Inc (Japan) | ||||||||
3.407% due 03/07/24 | $700,000 | $728,832 | ||||||
3.455% due 03/02/23 | 600,000 | 621,409 | ||||||
Mizuho Financial Group Inc (Japan) | 600,000 | 631,471 | ||||||
Morgan Stanley | ||||||||
2.731% (USD LIBOR + 0.550%) | 500,000 | 500,477 | ||||||
3.125% due 07/27/26 | 200,000 | 206,147 | ||||||
3.458% (USD LIBOR + 1.180%) | 500,000 | 504,944 | ||||||
3.737% due 04/24/24 | 700,000 | 731,395 | ||||||
3.772% due 01/24/29 | 40,000 | 42,783 | ||||||
4.431% due 01/23/30 | 160,000 | 179,923 | ||||||
Nasdaq Inc | 800,000 | 858,038 | ||||||
National Australia Bank Ltd (Australia) | 500,000 | 526,604 | ||||||
National Retail Properties Inc REIT | 200,000 | 209,590 | ||||||
Navient Corp | 600,000 | 613,500 | ||||||
New York Life Global Funding | 1,000,000 | 1,031,810 | ||||||
Oversea-Chinese Banking Corp Ltd (Singapore) | 400,000 | 400,679 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 50,000 | 52,820 | ||||||
Regions Bank | 500,000 | 504,434 | ||||||
Reliance Standard Life Global Funding II | ||||||||
2.500% due 01/15/20 ~ | 30,000 | 30,024 | ||||||
2.625% due 07/22/22 ~ | 900,000 | 907,919 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
3.875% due 09/12/23 | 800,000 | 826,143 | ||||||
5.125% due 05/28/24 | 720,000 | 768,042 | ||||||
6.125% due 12/15/22 | 70,000 | 75,789 | ||||||
7.500% due 08/10/20 | 800,000 | 819,000 | ||||||
8.625% due 08/15/21 | 600,000 | 644,010 | ||||||
Santander Holdings USA Inc | ||||||||
4.450% due 12/03/21 | 1,000,000 | 1,044,758 | ||||||
4.500% due 07/17/25 | 130,000 | 139,588 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | 1,100,000 | 1,104,484 | ||||||
Santander UK PLC (United Kingdom) | ||||||||
2.375% due 03/16/20 | 40,000 | 40,036 | ||||||
3.750% due 11/15/21 | 1,000,000 | 1,032,693 | ||||||
Simon Property Group LP REIT | 400,000 | 401,388 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
2.554% (USD LIBOR + 0.430%) | 500,000 | 501,480 | ||||||
3.250% due 05/17/21 ~ | 500,000 | 508,682 | ||||||
Societe Generale SA (France) | 500,000 | 530,891 | ||||||
Standard Chartered PLC (United Kingdom) | 900,000 | 901,300 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 120,000 | 119,672 | ||||||
Svenska Handelsbanken AB (Sweden) | 250,000 | 255,098 | ||||||
Synchrony Bank | 500,000 | 509,729 | ||||||
Teachers Insurance & Annuity Association of America | ||||||||
4.900% due 09/15/44 ~ | 40,000 | 49,828 | ||||||
6.850% due 12/16/39 ~ | 18,000 | 26,655 |
Principal Amount | Value | |||||||
The Depository Trust & Clearing Corp | $250,000 | $252,554 | ||||||
The Goldman Sachs Group Inc | ||||||||
2.898% (USD LIBOR + 0.750%) | 600,000 | 599,860 | ||||||
3.036% (USD LIBOR + 0.780%) | 500,000 | 501,593 | ||||||
3.200% due 02/23/23 | 60,000 | 61,662 | ||||||
3.319% (USD LIBOR + 1.200%) | 500,000 | 503,932 | ||||||
3.328% (USD LIBOR + 1.170%) | 1,000,000 | 1,005,860 | ||||||
3.500% due 01/23/25 | 700,000 | 730,805 | ||||||
3.750% due 05/22/25 | 600,000 | 635,892 | ||||||
3.850% due 07/08/24 | 310,000 | 328,653 | ||||||
4.223% due 05/01/29 | 470,000 | 513,139 | ||||||
4.250% due 10/21/25 | 470,000 | 504,240 | ||||||
5.150% due 05/22/45 | 340,000 | 404,979 | ||||||
6.250% due 02/01/41 | 70,000 | 97,277 | ||||||
The Toronto-Dominion Bank (Canada) | ||||||||
2.500% due 01/18/23 ~ | 1,200,000 | 1,216,766 | ||||||
3.350% due 10/22/21 ~ | 500,000 | 514,745 | ||||||
UBS AG (Switzerland) | 1,200,000 | 1,203,434 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | ||||||||
2.859% due 08/15/23 ~ | 200,000 | 202,320 | ||||||
3.000% due 04/15/21 ~ | 1,000,000 | 1,012,266 | ||||||
3.491% due 05/23/23 ~ | 260,000 | 267,035 | ||||||
4.125% due 09/24/25 ~ | 1,000,000 | 1,081,342 | ||||||
4.125% due 04/15/26 ~ | 200,000 | 217,748 | ||||||
4.253% due 03/23/28 ~ | 270,000 | 294,793 | ||||||
7.000% due 01/31/24 ~ | 250,000 | 265,813 | ||||||
UniCredit SPA (Italy) | ||||||||
6.572% due 01/14/22 ~ | 350,000 | 375,570 | ||||||
7.830% due 12/04/23 ~ | 1,800,000 | 2,111,857 | ||||||
VEREIT Operating Partnership LP REIT | 200,000 | 211,279 | ||||||
Vesteda Finance BV (Netherlands) | EUR 600,000 | 698,956 | ||||||
Visa Inc | ||||||||
3.150% due 12/14/25 | $150,000 | 160,057 | ||||||
4.300% due 12/14/45 | 100,000 | 124,179 | ||||||
Washington Prime Group LP REIT | 950,000 | 933,660 | ||||||
WEA Finance LLC REIT (France) | 270,000 | 286,325 | ||||||
Wells Fargo & Co | ||||||||
3.000% due 10/23/26 | 200,000 | 205,293 | ||||||
3.450% due 02/13/23 | 40,000 | 41,347 | ||||||
3.486% (USD LIBOR + 1.230%) | 2,000,000 | 2,031,253 | ||||||
3.584% due 05/22/28 | 100,000 | 106,022 | ||||||
3.750% due 01/24/24 | 950,000 | 1,006,727 | ||||||
4.150% due 01/24/29 | 130,000 | 144,074 | ||||||
4.400% due 06/14/46 | 30,000 | 33,761 | ||||||
4.750% due 12/07/46 | 220,000 | 260,830 | ||||||
4.900% due 11/17/45 | 190,000 | 227,752 | ||||||
5.375% due 11/02/43 | 80,000 | 101,163 | ||||||
5.606% due 01/15/44 | 150,000 | 194,280 | ||||||
Wells Fargo Bank NA | ||||||||
2.082% due 09/09/22 | 900,000 | 898,108 | ||||||
3.625% due 10/22/21 | 300,000 | 308,758 | ||||||
Westpac Banking Corp (Australia) | 40,000 | 40,078 | ||||||
|
| |||||||
111,144,806 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-14
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Industrial - 2.7% |
| |||||||
3M Co | $60,000 | $59,615 | ||||||
Aviation Capital Group LLC | ||||||||
2.875% due 01/20/22 ~ | 500,000 | 502,204 | ||||||
4.125% due 08/01/25 ~ | 600,000 | 626,498 | ||||||
CNH Industrial Capital LLC | 400,000 | 415,072 | ||||||
DAE Funding LLC (United Arab Emirates) | 60,000 | 63,201 | ||||||
Eaton Corp | ||||||||
2.750% due 11/02/22 | 130,000 | 132,332 | ||||||
4.150% due 11/02/42 | 20,000 | 22,177 | ||||||
GATX Corp | ||||||||
3.007% (USD LIBOR + 0.720%) due 11/05/21 § | 1,000,000 | 1,003,005 | ||||||
4.750% due 06/15/22 | 400,000 | 423,967 | ||||||
4.850% due 06/01/21 | 290,000 | 302,483 | ||||||
General Electric Co | ||||||||
3.150% due 09/07/22 | 77,000 | 78,268 | ||||||
5.300% due 02/11/21 | 200,000 | 206,693 | ||||||
5.500% due 01/08/20 | 20,000 | 20,157 | ||||||
5.875% due 01/14/38 | 40,000 | 48,124 | ||||||
6.750% due 03/15/32 | 30,000 | 37,762 | ||||||
6.875% due 01/10/39 | 298,000 | 395,054 | ||||||
John Deere Capital Corp | 500,000 | 501,826 | ||||||
L3Harris Technologies Inc | 60,000 | 75,433 | ||||||
Lockheed Martin Corp | ||||||||
3.100% due 01/15/23 | 20,000 | 20,639 | ||||||
3.550% due 01/15/26 | 70,000 | 75,118 | ||||||
4.500% due 05/15/36 | 30,000 | 35,991 | ||||||
Northrop Grumman Corp | ||||||||
2.930% due 01/15/25 | 40,000 | 41,266 | ||||||
3.250% due 01/15/28 | 160,000 | 168,103 | ||||||
NTT Finance Corp (Japan) | 800,000 | 795,685 | ||||||
Penske Truck Leasing Co LP | ||||||||
4.125% due 08/01/23 ~ | 600,000 | 635,397 | ||||||
4.250% due 01/17/23 ~ | 800,000 | 846,609 | ||||||
Raytheon Co | 70,000 | 70,858 | ||||||
Republic Services Inc | 50,000 | 50,607 | ||||||
Rockwell Collins Inc | ||||||||
2.800% due 03/15/22 | 500,000 | 508,412 | ||||||
3.100% due 11/15/21 | 800,000 | 811,990 | ||||||
3.200% due 03/15/24 | 1,000,000 | 1,039,400 | ||||||
SMBC Aviation Capital Finance DAC (Ireland) | 1,100,000 | 1,112,309 | ||||||
The Boeing Co | ||||||||
2.700% due 02/01/27 | 30,000 | 30,677 | ||||||
2.800% due 03/01/27 | 30,000 | 30,702 | ||||||
3.100% due 05/01/26 | 10,000 | 10,501 | ||||||
3.200% due 03/01/29 | 90,000 | 94,590 | ||||||
3.250% due 02/01/35 | 130,000 | 135,630 | ||||||
3.750% due 02/01/50 | 40,000 | 43,422 | ||||||
TTX Co | 550,000 | 551,333 | ||||||
Union Pacific Corp | 130,000 | 154,884 | ||||||
United Technologies Corp | 60,000 | 65,733 | ||||||
4.125% due 11/16/28 | 30,000 | 33,977 | ||||||
4.500% due 06/01/42 | 60,000 | 72,109 |
Principal Amount | Value | |||||||
Waste Management Inc | $30,000 | $31,675 | ||||||
3.450% due 06/15/29 | 20,000 | 21,590 | ||||||
3.500% due 05/15/24 | 100,000 | 105,369 | ||||||
4.150% due 07/15/49 | 50,000 | 58,540 | ||||||
WRKCo Inc | 1,000,000 | 1,098,608 | ||||||
|
| |||||||
13,665,595 | ||||||||
|
| |||||||
Technology - 1.8% |
| |||||||
Activision Blizzard Inc | 900,000 | 909,537 | ||||||
Apple Inc | 180,000 | 182,838 | ||||||
Broadcom Corp | ||||||||
2.650% due 01/15/23 | 700,000 | 699,819 | ||||||
3.000% due 01/15/22 | 700,000 | 707,033 | ||||||
Broadcom Inc | 900,000 | 911,659 | ||||||
Dell International LLC | ||||||||
4.420% due 06/15/21 ~ | 1,000,000 | 1,031,358 | ||||||
5.450% due 06/15/23 ~ | 500,000 | 544,787 | ||||||
Hewlett Packard Enterprise Co | 600,000 | 600,058 | ||||||
Intel Corp | 50,000 | 54,227 | ||||||
International Business Machines Corp | 170,000 | 176,031 | ||||||
Microsoft Corp | ||||||||
2.400% due 08/08/26 | 490,000 | 500,280 | ||||||
2.700% due 02/12/25 | 60,000 | 62,319 | ||||||
3.300% due 02/06/27 | 200,000 | 215,773 | ||||||
3.450% due 08/08/36 | 20,000 | 22,141 | ||||||
3.950% due 08/08/56 | 30,000 | 35,533 | ||||||
NXP BV (Netherlands) | ||||||||
4.625% due 06/01/23 ~ | 700,000 | 746,393 | ||||||
4.875% due 03/01/24 ~ | 800,000 | 868,406 | ||||||
salesforce.com Inc | 30,000 | 32,962 | ||||||
VMware Inc | 500,000 | 507,280 | ||||||
|
| |||||||
8,808,434 | ||||||||
|
| |||||||
Utilities - 2.4% |
| |||||||
American Electric Power Co Inc | 500,000 | 500,367 | ||||||
Duke Energy Carolinas LLC | 60,000 | 77,945 | ||||||
Duke Energy Corp | ||||||||
2.675% (USD LIBOR + 0.500%) | 500,000 | 502,152 | ||||||
3.150% due 08/15/27 | 200,000 | 208,044 | ||||||
3.550% due 09/15/21 | 800,000 | 819,012 | ||||||
Duke Energy Ohio Inc | 20,000 | 21,905 | ||||||
Emera US Finance LP (Canada) | 800,000 | 804,904 | ||||||
Entergy Corp | 400,000 | 408,151 | ||||||
FirstEnergy Corp | ||||||||
3.900% due 07/15/27 | 190,000 | 202,642 | ||||||
4.250% due 03/15/23 | 170,000 | 179,928 | ||||||
7.375% due 11/15/31 | 590,000 | 835,601 | ||||||
IPALCO Enterprises Inc | 800,000 | 804,883 | ||||||
LG&E & KU Energy LLC | 500,000 | 516,460 | ||||||
National Fuel Gas Co | 2,000,000 | 2,072,840 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-15
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
NextEra Energy Capital Holdings Inc | ||||||||
2.403% due 09/01/21 | $900,000 | $905,941 | ||||||
2.852% (USD LIBOR + 0.720%) | 900,000 | 908,470 | ||||||
3.200% due 02/25/22 | 900,000 | 920,706 | ||||||
Niagara Mohawk Power Corp | 1,100,000 | 1,245,983 | ||||||
Virginia Electric & Power Co | 160,000 | 222,795 | ||||||
|
| |||||||
12,158,729 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 240,498,519 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 1.1% |
| |||||||
Communications - 0.2% |
| |||||||
Altice France SA TermB-12 (France) | 254,750 | 254,093 | ||||||
Charter Communications Operating LLC Term B | 159,738 | 160,873 | ||||||
Diamond Sports Group LLC Term B | 40,000 | 40,269 | ||||||
iHeartCommunications Inc | 73,076 | 73,647 | ||||||
Intelsat Jackson Holdings SA TermB-3 | 50,000 | 50,150 | ||||||
Level 3 Parent LLC Term B | 80,000 | 80,233 | ||||||
Nexstar Broadcasting Inc Term B | 100,000 | 100,615 | ||||||
Univision Communications Inc TermC-5 | 141,716 | 137,970 | ||||||
Virgin Media Bristol LLC Term K | 100,000 | 100,141 | ||||||
Ziggo BV Term E (Netherlands) | 109,750 | 109,681 | ||||||
|
| |||||||
1,107,672 | ||||||||
|
| |||||||
Consumer, Cyclical - 0.3% |
| |||||||
Alterra Mountain Co Term B | 79,394 | 79,592 | ||||||
Boyd Gaming Corp Term B | 136,109 | 136,714 | ||||||
Caesars Resort Collection LLC Term B | 120,316 | 119,682 | ||||||
CEOC LLC Term B | 24,848 | 24,862 | ||||||
CityCenter Holdings LLC Term B | 32,923 | 33,040 | ||||||
Four Seasons Hotels Ltd Term B (Canada) | 49,872 | 50,166 | ||||||
Hilton Worldwide Finance LLC TermB-2 | 100,000 | 100,715 |
Principal Amount | Value | |||||||
Michaels Stores Inc Term B | $ | 106,806 | $ | 104,536 | ||||
Panther BF Aggregator 2 LP Term B | 90,000 | 89,513 | ||||||
Party City Holdings Inc | 139,503 | 138,486 | ||||||
PCI Gaming Authority Term B | 39,900 | 40,159 | ||||||
Scientific Games International Inc TermB-5 | 205,167 | 203,738 | ||||||
Stars Group Holdings BV Term B (Canada) | 9,223 | 9,271 | ||||||
TKC Holdings Inc | 69,639 | 68,580 | ||||||
UFC Holdings LLC Term B | 99,487 | 99,964 | ||||||
|
| |||||||
1,299,018 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 0.3% |
| |||||||
Air Medical Group Holdings Inc Term B | 305,473 | 286,686 | ||||||
Albertson’s LLC TermB-8 | 48,445 | 48,799 | ||||||
Allied Universal Holdco LLC | 18,198 | 18,248 | ||||||
Atlantic Aviation FBO Inc Term B | 19,850 | 20,023 | ||||||
Bausch Health Americas Inc Term B | 46,557 | 46,798 | ||||||
Change Healthcare Holdings LLC Term B | 79,516 | 79,237 | ||||||
Jaguar Holding Co II | 29,922 | 29,985 | ||||||
MPH Acquisition Holdings LLC Term B | 186,441 | 177,974 | ||||||
Option Care Health Inc | 80,000 | 80,100 | ||||||
Phoenix Guarantor Inc Term B | 101,564 | 101,913 | ||||||
Prime Security Services Borrower LLC Term B | 159,626 | 158,001 | ||||||
RegionalCare Hospital Partners Holdings Inc | 168,999 | 169,342 | ||||||
VVC Holding Corp Term B | 159,200 | 158,570 | ||||||
|
| |||||||
1,375,676 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-16
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Diversified - 0.0% |
| |||||||
First Eagle Holdings Inc Term B | $39,725 | $39,837 | ||||||
|
| |||||||
Energy - 0.0% |
| |||||||
Blackstone CQP Holdco LP Term B | 29,925 | 30,107 | ||||||
|
| |||||||
Financial - 0.1% |
| |||||||
Asurion LLC TermB-4 |
| |||||||
5.044% (USD LIBOR + 2.750%) | 126,629 | 127,136 | ||||||
TermB-7 5.044% (USD LIBOR + 3.000%) | 59,522 | 59,783 | ||||||
Avolon (US) LLC TermB-3 (Ireland) | 93,709 | 94,224 | ||||||
Focus Financial Partners LLC Term B | 19,899 | 20,013 | ||||||
Jane Street Group LLC Term B | 49,674 | 49,674 | ||||||
LPL Holdings Inc Term B | 19,848 | 19,978 | ||||||
RPI Finance Trust TermB-6 | 69,146 | 69,573 | ||||||
The Edelman Financial Center LLC Term B | 59,550 | 59,725 | ||||||
VFH Parent LLC | 10,000 | 10,032 | ||||||
|
| |||||||
510,138 | ||||||||
|
| |||||||
Industrial - 0.1% |
| |||||||
APi Group DE Inc Term B | 60,000 | 60,300 | ||||||
Reynolds Group Holdings Inc Term B | 158,877 | 159,311 | ||||||
|
| |||||||
219,611 | ||||||||
|
| |||||||
Technology - 0.1% |
| |||||||
Dcert Buyer Inc | 140,000 | 139,796 | ||||||
Dell International LLC Term B | 167,664 | 168,712 | ||||||
Digicert Holdings Inc Term B | 189,045 | 189,242 | ||||||
McAfee LLC Term B | 89,548 | 89,836 | ||||||
|
| |||||||
587,586 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 5,169,645 | ||||||
|
|
Principal Amount | Value | |||||||
MORTGAGE-BACKED SECURITIES - 50.8% |
| |||||||
Collateralized Mortgage Obligations - Commercial - 2.4% |
| |||||||
Ashford Hospitality Trust | $ | 600,000 | $ | 600,210 | ||||
BAMLL Re-REMIC Trust | 1,653,368 | 1,079,257 | ||||||
BBCCRE Trust | 320,000 | 315,456 | ||||||
BX Commercial Mortgage Trust | 109,939 | 110,406 | ||||||
Commercial Mortgage Trust | 90,000 | 93,597 | ||||||
Credit Suisse Commercial Mortgage Trust | 77,556 | 52,757 | ||||||
CSMC Trust | 830,000 | 776,027 | ||||||
DBGS Mortgage Trust | 900,000 | 993,062 | ||||||
DBUBS Mortgage Trust | 260,000 | 272,456 | ||||||
Fannie Mae | ||||||||
3.273% due 01/25/29 | 140,000 | 152,807 | ||||||
3.450% due 01/01/29 | 150,000 | 166,395 | ||||||
3.555% due 09/25/28 § | 280,000 | 310,429 | ||||||
3.610% due 02/25/31 | 70,000 | 78,494 | ||||||
3.700% due 01/25/36 | 100,000 | 113,081 | ||||||
Fannie Mae (IO) | 10,494,569 | 162,559 | ||||||
Freddie Mac Multifamily StructuredPass-Through Certificates | 170,000 | 188,958 | ||||||
FREMF Mortgage Trust | 359,716 | 362,972 | ||||||
GE Commercial Mortgage Co | 180,000 | 42,306 | ||||||
Government National Mortgage Association (IO) | 10,259,032 | 286,569 | ||||||
0.589% due 04/16/47 § | 3,874,699 | 139,336 | ||||||
GRACE Mortgage Trust | 600,000 | 607,178 | ||||||
GS Mortgage Securities Trust | 400,000 | 402,879 | ||||||
3.328% (USD LIBOR + 1.300%) | 1,120,000 | 1,108,778 | ||||||
5.622% due 11/10/39 | 106,451 | 93,989 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 470,000 | 92,889 | ||||||
5.810% due 02/12/49 § | 907,321 | 606,804 | ||||||
ML-CFC Commercial Mortgage Trust | 57,032 | 35,816 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 1,000,000 | 1,025,979 | ||||||
Morgan Stanley Capital I Trust | 600,000 | 609,479 | ||||||
3.560% due 07/13/29 § ~ | 700,000 | 710,976 | ||||||
Waterfall Commercial Mortgage Trust | 191,630 | 197,710 | ||||||
Wells Fargo Commercial Mortgage Trust (IO) | 4,734,447 | 371,586 | ||||||
|
| |||||||
12,161,197 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-17
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Collateralized Mortgage Obligations - Residential - 6.7% |
| |||||||
Alternative Loan Trust |
| |||||||
2.188% (USD LIBOR + 0.170%) | $ | 285,234 | $ | 280,130 | ||||
2.228% (USD LIBOR + 0.210%) | 268,818 | 258,846 | ||||||
3.942% due 06/25/37 § | 122,035 | 106,997 | ||||||
American Home Mortgage Investment Trust | 1,376,564 | 483,876 | ||||||
Banc of America Funding Trust | 19,324 | 19,857 | ||||||
BCAP LLC Trust | 1,578,733 | 1,572,894 | ||||||
4.882% due 03/26/37 ~ | 38,836 | 39,286 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | 22,316 | 22,306 | ||||||
4.667% due 10/25/36 § | 7,232 | 7,123 | ||||||
4.853% due 01/25/35 § | 314,768 | 321,950 | ||||||
Bear Stearns ALT-A Trust | ||||||||
3.825% due 11/25/36 § | 49,025 | 41,019 | ||||||
4.496% due 05/25/35 § | 17,266 | 17,584 | ||||||
Chase Mortgage Finance Trust | ||||||||
4.049% due 09/25/36 § | 65,056 | 61,355 | ||||||
4.711% due 02/25/37 § | 226,083 | 231,734 | ||||||
ChaseFlex Trust | 402,293 | 428,641 | ||||||
Chevy Chase Funding LLC | 17,752 | 17,657 | ||||||
2.727% due 05/25/35 § ~ | 738,159 | 589,602 | ||||||
Citigroup Mortgage Loan Trust Inc | 9,047 | 9,308 | ||||||
Countrywide Home Loan MortgagePass-Through Trust | 9,189 | 9,430 | ||||||
Credit Suisse First Boston Mortgage Securities Corp | 47,352 | 39,261 | ||||||
Downey Saving & Loan Association Mortgage Loan Trust | 99,524 | 92,341 | ||||||
Eurosail-UK PLC (United Kingdom) | GBP 724,396 | 881,882 | ||||||
Fannie Mae | $558,652 | 559,087 | ||||||
3.375% (US PRIME - 1.625%) | 60,536 | 58,609 | ||||||
5.500% due 04/25/35 | 373,184 | 429,183 | ||||||
Fannie Mae (IO) | 1,685,564 | 359,730 | ||||||
4.000% due 03/25/43 | 390,162 | 40,125 | ||||||
4.000% due 04/25/43 | 1,547,311 | 150,590 | ||||||
4.082% (6.100% - USD LIBOR) | 1,050,374 | 183,658 | ||||||
Freddie Mac (IO) | 947,229 | 103,730 | ||||||
4.000% due 04/15/43 | 370,048 | 28,004 | ||||||
4.179% (6.100% - USD LIBOR) | 267,961 | 53,223 | ||||||
Freddie Mac REMICS | 438,533 | 438,565 | ||||||
8.000% due 04/15/30 | 68,229 | 79,704 |
Principal Amount | Value | |||||||
Freddie Mac Structured Agency | $ | 1,120,000 | $ | 1,140,526 | ||||
6.018% (USD LIBOR + 4.000%) | 376,686 | 398,373 | ||||||
GMACM Mortgage Loan Trust | 659,393 | 650,347 | ||||||
Government National Mortgage Association | 435,906 | 433,919 | ||||||
2.829% (USD LIBOR + 0.600%) | 651,620 | 651,258 | ||||||
3.029% (USD LIBOR + 0.800%) | 737,319 | 742,758 | ||||||
3.029% (USD LIBOR + 0.800%) | 1,194,244 | 1,202,727 | ||||||
3.629% (USD LIBOR + 0.750%) | 740,292 | 753,415 | ||||||
5.155% due 09/20/66 § | 875,155 | 962,374 | ||||||
Government National Mortgage Association (IO) | 938,582 | 152,056 | ||||||
4.106% (6.150% - USD LIBOR) | 1,475,525 | 257,269 | ||||||
4.187% (6.100% - USD LIBOR) | 236,579 | 52,563 | ||||||
4.500% due 11/16/45 | 332,970 | 56,741 | ||||||
Great Hall Mortgages PLC (United Kingdom) | 281,836 | 274,105 | ||||||
GSR Mortgage Loan Trust | 697,771 | 570,498 | ||||||
6.000% due 07/25/37 | 333,006 | 295,976 | ||||||
HarborView Mortgage Loan Trust | 329,319 | 289,261 | ||||||
2.227% (USD LIBOR + 0.170%) | 189,063 | 176,616 | ||||||
2.497% (USD LIBOR + 0.440%) | 278,255 | 271,150 | ||||||
4.489% due 08/19/36 § | 134,868 | 127,705 | ||||||
4.974% due 02/25/36 § | 59,984 | 38,920 | ||||||
Hawksmoor Mortgages (United Kingdom) | GBP 3,400,000 | 4,189,950 | ||||||
JP Morgan Mortgage Trust | $2,338,846 | 2,386,803 | ||||||
4.420% due 07/25/35 § | 29,542 | 29,983 | ||||||
5.750% due 01/25/36 | 15,554 | 12,255 | ||||||
Ludgate Funding PLC (United Kingdom) | GBP 481,772 | 553,892 | ||||||
Merrill Lynch Mortgage Investors Trust | $348,385 | 359,333 | ||||||
Morgan Stanley Resecuritization Trust | 1,678,742 | 1,401,726 | ||||||
New Residential Mortgage Loan Trust | 390,000 | 393,103 | ||||||
Nomura Resecuritization Trust | 1,853,408 | 1,909,433 | ||||||
RBSSP Resecuritization Trust | 99,554 | 102,596 | ||||||
Reperforming Loan REMIC Trust | 31,047 | 29,956 | ||||||
2.358% (USD LIBOR + 0.340%) | 185,042 | 180,895 | ||||||
Ripon Mortgages PLC (United Kingdom) | GBP 755,531 | 928,409 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-18
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Silverstone Master Issuer PLC (United Kingdom) | $900,000 | $ | 900,643 | |||||
Towd Point Mortgage Funding PLC (United Kingdom) | GBP 1,415,673 | 1,742,428 | ||||||
WaMu Mortgage Pass-Through Certificates Trust | $154,366 | 148,545 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | 13,068 | 13,607 | ||||||
4.991% due 03/25/36 § | 104,643 | 104,993 | ||||||
5.162% due 04/25/35 § | 288,773 | 299,038 | ||||||
|
| |||||||
33,203,432 | ||||||||
|
| |||||||
Fannie Mae - 21.5% |
| |||||||
2.310% due 08/01/22 | 499,209 | 503,903 | ||||||
2.500% due 10/01/49 | 400,000 | 398,214 | ||||||
2.740% due 08/01/29 | 100,000 | 104,599 | ||||||
2.765% due 08/01/31 | 100,000 | 104,352 | ||||||
2.770% due 08/01/31 | 100,000 | 104,402 | ||||||
2.790% due 08/01/29 | 100,000 | 105,179 | ||||||
2.810% due 04/01/25 | 30,000 | 31,261 | ||||||
2.810% due 08/01/31 | 100,000 | 104,831 | ||||||
2.850% due 08/01/31 | 100,000 | 105,216 | ||||||
3.000% due 09/01/21 - 12/01/49 | 4,253,975 | 4,353,700 | ||||||
3.000% due 10/01/49 | 5,400,000 | 5,482,687 | ||||||
3.000% due 11/01/49 | 5,000,000 | 5,073,437 | ||||||
3.000% due 12/01/49 | 30,400,000 | 30,816,981 | ||||||
3.090% due 05/01/29 | 100,000 | 107,721 | ||||||
3.160% due 05/01/29 - 06/01/29 | 4,239,839 | 4,568,596 | ||||||
3.240% due 05/01/29 | 80,000 | 86,973 | ||||||
3.260% due 05/01/29 | 69,774 | 75,692 | ||||||
3.350% due 05/01/29 | 10,000 | 10,952 | ||||||
3.500% due 10/01/34 - 12/01/49 | 6,313,755 | 6,537,703 | ||||||
3.500% due 11/01/49 | 12,900,000 | 13,238,373 | ||||||
3.500% due 12/01/49 | 10,100,000 | 10,363,956 | ||||||
3.640% due 11/01/28 | 100,000 | 110,857 | ||||||
3.647% (US FED + 1.200%) | 10,451 | 10,663 | ||||||
4.000% due 06/01/25 - 06/01/57 | 3,852,109 | 4,033,497 | ||||||
4.000% due 11/01/49 | 13,700,000 | 14,226,058 | ||||||
4.108% (UST + 2.043%) | 27,873 | 28,866 | ||||||
4.218% (US FED + 1.927%) | 2,474 | 2,565 | ||||||
4.281% (USD LIBOR + 1.512%) | 31,335 | 31,975 | ||||||
4.500% due 06/01/24 - 09/01/57 | 3,158,130 | 3,351,295 | ||||||
4.708% (UST + 2.360%) | 27,888 | 29,598 | ||||||
4.737% (USD LIBOR + 1.737%) | 4,850 | 4,922 | ||||||
5.000% due 02/01/35 - 10/01/49 | 1,436,780 | 1,540,598 | ||||||
5.500% due 12/01/20 - 08/01/39 | 1,239,548 | 1,370,095 | ||||||
6.000% due 02/01/33 - 06/01/40 | 204,273 | 234,202 | ||||||
|
| |||||||
107,253,919 | ||||||||
|
| |||||||
Freddie Mac - 4.5% |
| |||||||
3.000% due 02/01/38 - 10/01/49 | 11,639,699 | 11,870,803 | ||||||
3.500% due 10/01/42 - 08/01/49 | 4,222,619 | 4,376,427 | ||||||
3.751% (USD LIBOR + 1.345%) | 5,360 | 5,554 | ||||||
4.000% due 10/01/46 - 06/01/49 | 4,164,698 | 4,324,819 | ||||||
4.152% (USD LIBOR + 1.870%) | 25,007 | 26,389 | ||||||
4.500% due 11/01/44 | 130,580 | 141,587 | ||||||
4.579% (USD LIBOR + 1.726%) | 47,518 | 50,032 |
Principal Amount | Value | |||||||
4.689% (UST + 2.250%) | $ | 2,113 | $ | 2,224 | ||||
4.763% (UST + 2.250%) | 10,228 | 10,779 | ||||||
5.000% due 08/01/48 - 01/01/49 | 1,189,962 | 1,275,550 | ||||||
5.500% due 03/01/23 - 05/01/40 | 531,675 | 600,450 | ||||||
6.000% due 03/01/23 | 8,088 | 8,941 | ||||||
|
| |||||||
22,693,555 | ||||||||
|
| |||||||
Government National Mortgage Association - 15.7% |
| |||||||
3.000% due 09/15/42 - 11/20/49 | 1,291,189 | 1,326,459 | ||||||
3.500% due 03/20/45 - 11/20/49 | 3,099,341 | 3,219,284 | ||||||
3.500% due 11/20/49 | 12,500,000 | 12,946,289 | ||||||
4.000% due 06/20/47 - 11/20/49 | 1,478,869 | 1,543,334 | ||||||
4.000% due 11/20/49 | 30,300,000 | 31,504,899 | ||||||
4.500% due 06/20/48 - 11/20/49 | 3,517,410 | 3,684,782 | ||||||
4.500% due 11/20/49 | 11,900,000 | 12,428,063 | ||||||
5.000% due 10/15/38 - 11/20/49 | 3,027,339 | 3,206,273 | ||||||
5.000% due 11/20/49 | 8,000,000 | 8,425,938 | ||||||
|
| |||||||
78,285,321 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 253,597,424 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 5.1% |
| |||||||
Ally Auto Receivables Trust | 178,229 | 178,349 | ||||||
Apex Credit CLO Ltd (Cayman) | 800,000 | 801,819 | ||||||
Applebee’s Funding LLC | 270,000 | 276,510 | ||||||
Argent Securities Inc | 628,292 | 613,842 | ||||||
3.143% (USD LIBOR + 1.125%) | 469,638 | 474,003 | ||||||
Asset-Backed Funding Certificates Trust | 57,267 | 57,054 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 150,000 | 156,285 | ||||||
Basic Asset Backed Securities Trust | 401,931 | 402,703 | ||||||
Bear Stearns Asset Backed Securities I Trust | 174,312 | 174,543 | ||||||
2.258% (USD LIBOR + 0.240%) | 1,248,732 | 1,107,476 | ||||||
3.023% (USD LIBOR + 1.005%) | 275,126 | 275,436 | ||||||
Chesapeake Funding II LLC (Canada) | 483,127 | 482,841 | ||||||
3.230% due 08/15/30 ~ | 483,127 | 489,721 | ||||||
CIT Mortgage Loan Trust | 493,686 | 500,479 | ||||||
Citigroup Mortgage Loan Trust | 95,921 | 95,790 | ||||||
2.468% (USD LIBOR + 0.450%) | 391,298 | 390,251 | ||||||
Community Funding CLO (Cayman) | 649,859 | 658,745 | ||||||
Countrywide Asset-Backed Certificates | 345,738 | 315,039 | ||||||
2.418% (USD LIBOR + 0.400%) | 500,000 | 496,617 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-19
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Credit Acceptance Auto Loan Trust | $ | 600,000 | $ | 608,881 | ||||
Dividend Solar Loans LLC | 311,931 | 314,925 | ||||||
Evergreen Credit Card Trust (Canada) | 1,100,000 | 1,097,640 | ||||||
First Franklin Mortgage Loan Trust | 329,417 | 330,089 | ||||||
Freddie Mac Structured Pass-Through Certificates | 200,000 | 210,228 | ||||||
Gallatin CLO Ltd (Cayman) | 500,000 | 499,652 | ||||||
GM Financial Consumer Automobile Receivables Trust | 254,219 | 254,622 | ||||||
GSAA Home Equity Trust | 463,957 | 220,158 | ||||||
6.000% due 08/25/47 | 429,804 | 424,374 | ||||||
Home Equity Asset Trust | 380,695 | 384,193 | ||||||
Jamestown CLO VIII Ltd (Cayman) | 700,000 | 700,384 | ||||||
Legacy Mortgage Asset Trust | 350,784 | 355,954 | ||||||
LoanCore Issuer Ltd (Cayman) | 500,000 | 500,313 | ||||||
Long Beach Mortgage Loan Trust | 1,051,834 | 917,605 | ||||||
Mastr Asset Backed Securities Trust | 667,593 | 305,674 | ||||||
Merrill Lynch Mortgage Investors Trust | 428,281 | 258,455 | ||||||
Monarch Grove CLO (Cayman) | 500,000 | 498,146 | ||||||
Morgan Stanley Home Equity Loan Trust | 1,008,607 | 584,272 | ||||||
2.158% (USD LIBOR + 0.140%) | 796,138 | 463,911 | ||||||
Mountain View CLO Ltd (Cayman) | 536,310 | 534,754 | ||||||
Navient Private Education Trust | 150,000 | 156,686 | ||||||
Navient Student Loan Trust | 150,000 | 151,693 | ||||||
3.430% due 12/15/59 ~ | 1,165,633 | 1,179,153 | ||||||
Option One Mortgage Loan Trust | 969,103 | 699,405 | ||||||
SBA Small Business Investment Cos | 197,857 | 207,884 | ||||||
3.548% due 09/10/28 | 275,798 | 291,414 | ||||||
Securitized Asset-Backed Receivables LLC Trust | 77,637 | 59,739 | ||||||
2.158% (USD LIBOR + 0.140%) | 178,170 | 111,508 |
Principal Amount | Value | |||||||
SLM Private Education Loan Trust | $ | 24,881 | $ | 24,966 | ||||
SLM Student Loan Trust | 27,277 | 27,267 | ||||||
SMB Private Education Loan Trust | 550,000 | 557,182 | ||||||
Sofi Professional Loan Program Trust | 268,430 | 269,123 | ||||||
Structured Asset Investment Loan Trust | 248,166 | 249,077 | ||||||
Structured Asset Securities Corp Mortgage Loan Trust | 1,000,000 | 965,765 | ||||||
STWD Ltd (Cayman) | 900,000 | 902,475 | ||||||
United States Small Business Administration | 60,000 | 62,066 | ||||||
2.980% due 04/01/39 | 60,000 | 62,643 | ||||||
Venture XII CLO Ltd (Cayman) | 604,990 | 603,309 | ||||||
Venture XVI CLO Ltd (Cayman) | 700,000 | 699,944 | ||||||
Westlake Automobile Receivables Trust | 399,044 | 400,115 | ||||||
Zais CLO 1 Ltd (Cayman) | 500,000 | 500,664 | ||||||
|
| |||||||
Total Asset-Backed Securities | 25,593,811 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 25.3% |
| |||||||
U.S. Treasury Bonds - 8.6% |
| |||||||
2.875% due 05/15/43 | 4,700,000 | 5,393,893 | ||||||
2.875% due 05/15/49 | 2,900,000 | 3,385,750 | ||||||
3.000% due 05/15/42 | 1,800,000 | 2,106,914 | ||||||
3.000% due 08/15/48 | 6,300,000 | 7,499,461 | ||||||
3.125% due 02/15/43 | 3,500,000 | 4,178,262 | ||||||
3.125% due 08/15/44 | 800,000 | 959,469 | ||||||
3.625% due 08/15/43 | 11,800,000 | 15,232,832 | ||||||
3.750% due 11/15/43 | 1,500,000 | 1,974,902 | ||||||
4.250% due 05/15/39 | 200,000 | 275,723 | ||||||
4.375% due 05/15/40 | 1,000,000 | 1,407,813 | ||||||
4.625% due 02/15/40 | 400,000 | 579,508 | ||||||
|
| |||||||
42,994,527 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 6.6% |
| |||||||
0.125% due 07/15/26 ^ | 856,304 | 855,683 | ||||||
0.375% due 07/15/23 ^ | 2,535,750 | 2,552,851 | ||||||
0.375% due 01/15/27 ^ | 955,935 | 968,199 | ||||||
0.625% due 01/15/26 ^ | 2,483,517 | 2,549,918 | ||||||
0.750% due 07/15/28 ^ | 6,786,943 | 7,139,227 | ||||||
0.750% due 02/15/42 ^ | 828,893 | 878,564 | ||||||
0.750% due 02/15/45 ^ | 326,868 | 344,319 | ||||||
0.875% due 01/15/29 ^ | 8,535,324 | 9,078,020 | ||||||
0.875% due 02/15/47 ^ | 1,169,168 | 1,272,809 | ||||||
1.000% due 02/15/46 ^ | 898,749 | 1,003,893 | ||||||
1.000% due 02/15/48 ^ | 1,872,810 | 2,106,642 | ||||||
1.000% due 02/15/49 ^ | 1,396,866 | 1,582,481 | ||||||
1.375% due 02/15/44 ^ | 2,124,698 | 2,551,081 | ||||||
|
| |||||||
32,883,687 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-20
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
U.S. Treasury Notes - 10.1% |
| |||||||
1.625% due 05/31/23 | $ | 2,000,000 | $ | 2,004,453 | ||||
1.625% due 09/30/26 | 540,000 | 540,158 | ||||||
1.625% due 08/15/29 | 20,000 | 19,916 | ||||||
1.750% due 06/30/24 | 1,900,000 | 1,916,588 | ||||||
1.875% due 07/31/22 ‡ | 1,700,000 | 1,713,148 | ||||||
1.875% due 08/31/22 | 4,000,000 | 4,034,375 | ||||||
2.000% due 10/31/22 | 1,000,000 | 1,012,539 | ||||||
2.125% due 09/30/24 | 2,100,000 | 2,155,986 | ||||||
2.250% due 01/31/24 | 2,000,000 | 2,057,266 | ||||||
2.250% due 02/15/27 | 600,000 | 626,109 | ||||||
2.250% due 08/15/27 ‡ | 300,000 | 313,699 | ||||||
2.625% due 02/15/29 | 2,000,000 | 2,165,508 | ||||||
2.750% due 02/15/24 ‡ | 400,000 | 420,000 | ||||||
2.875% due 10/31/23 ‡ | 30,000,000 | 31,546,875 | ||||||
|
| |||||||
50,526,620 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 126,404,834 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 5.8% |
| |||||||
Abu Dhabi Government International Bond (United Arab Emirates) | 200,000 | 202,252 | ||||||
3.125% due 09/30/49 ~ | 430,000 | 417,638 | ||||||
Argentina POM Politica Monetaria (Argentina) | ARS 5,340,000 | 40,941 | ||||||
Argentine Bonos del Tesoro (Argentina) | 4,750,000 | 29,134 | ||||||
Argentine Republic Government International (Argentina) | $250,000 | 100,315 | ||||||
5.625% due 01/26/22 | 430,000 | 187,054 | ||||||
7.500% due 04/22/26 | 340,000 | 151,728 | ||||||
Autonomous Community of Catalonia (Spain) | EUR 400,000 | 443,515 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) | BRL 5,338,000 | 1,360,793 | ||||||
Brazilian Government International (Brazil) 4.625% due 01/13/28 | $270,000 | 287,350 | ||||||
5.000% due 01/27/45 | 400,000 | 415,906 | ||||||
5.625% due 01/07/41 | 120,000 | 134,551 | ||||||
5.625% due 02/21/47 | 200,000 | 224,377 | ||||||
China Government (China) | CNY 3,000,000 | 429,592 | ||||||
3.380% due 11/21/24 ~ | 500,000 | 71,624 | ||||||
3.390% due 05/21/25 ~ | 1,000,000 | 143,531 | ||||||
Colombia Government (Colombia) | $200,000 | 250,752 | ||||||
Egypt Government International Bond (Egypt) | 200,000 | 204,657 | ||||||
Indonesia Government (Indonesia) | 200,000 | 206,726 | ||||||
4.875% due 05/05/21 ~ | 500,000 | 518,990 | ||||||
5.125% due 01/15/45 ~ | 200,000 | 239,210 | ||||||
Indonesia Treasury (Indonesia) | IDR 9,547,000,000 | 669,359 | ||||||
7.500% due 06/15/35 | 1,622,000,000 | 112,674 | ||||||
Israel Government International Bond (Israel) | $600,000 | 706,314 | ||||||
Japan Bank for International Cooperation (Japan) | 700,000 | 709,727 | ||||||
Japanese Government CPI Linked (Japan) | JPY 289,808,366 | 2,778,140 | ||||||
Kenya Government International Bond (Kenya) | $200,000 | 211,439 |
Principal Amount | Value | |||||||
Kuwait International Government (Kuwait) | $ | 470,000 | $ | 507,544 | ||||
Mexican Bonos (Mexico) | MXN 44,120,000 | 2,341,016 | ||||||
8.500% due 05/31/29 | 25,980,000 | 1,466,592 | ||||||
Nigeria Government International Bond (Nigeria) | $200,000 | 202,708 | ||||||
Peru Government Bond (Peru) | PEN 3,000,000 | 1,020,555 | ||||||
Peruvian Government International (Peru) 5.625% due 11/18/50 | $30,000 | 44,025 | ||||||
5.940% due 02/12/29 ~ | PEN 1,300,000 | 438,006 | ||||||
6.550% due 03/14/37 | $100,000 | 146,376 | ||||||
Province of Ontario (Canada) | CAD 900,000 | 703,927 | ||||||
Province of Quebec (Canada) | $600,000 | 607,536 | ||||||
Qatar Government International Bond (Qatar) | 1,000,000 | 1,141,764 | ||||||
4.817% due 03/14/49 ~ | 500,000 | 619,939 | ||||||
Republic of Poland Government International (Poland) | 320,000 | 347,071 | ||||||
Russian Federal (Russia) | RUB 16,050,000 | 247,592 | ||||||
7.000% due 08/16/23 | 26,040,000 | 407,207 | ||||||
7.050% due 01/19/28 | 60,232,000 | 941,780 | ||||||
7.250% due 05/10/34 | 5,970,000 | 92,966 | ||||||
7.650% due 04/10/30 | 26,100,000 | 423,568 | ||||||
Spain Government (Spain) | EUR 2,100,000 | 2,394,202 | ||||||
1.850% due 07/30/35 ~ | 1,900,000 | 2,472,599 | ||||||
Tokyo Metropolitan Government (Japan) | $1,000,000 | 1,013,299 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 28,828,561 | |||||||
|
| |||||||
MUNICIPAL BONDS - 0.5% | ||||||||
City of Chicago IL ‘B’ | 270,000 | 275,432 | ||||||
The University of Arizona ‘A’ | 1,300,000 | 1,348,880 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | 605,000 | 626,611 | ||||||
|
| |||||||
Total Municipal Bonds | 2,250,923 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 2.3% | ||||||||
Money Market Fund - 1.9% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 9,371,403 | 9,371,403 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-21
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
U. S. Government Agency Issues - 0.4% | ||||||||
Federal Home Loan Bank | $710,000 | $ | 705,863 | |||||
1.889% due 12/27/19 | 1,370,000 | 1,363,842 | ||||||
1.957% due 10/28/19 | 210,000 | 209,705 | ||||||
|
| |||||||
2,279,410 | ||||||||
|
| |||||||
Total Short-Term Investments | 11,650,813 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 139.1% | 693,994,530 | |||||||
TOTAL SECURITIES SOLD SHORT - (1.5%) | (7,636,921 | ) | ||||||
|
| |||||||
DERIVATIVES - (1.2%) |
| (6,064,977 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (36.4%) |
| (181,276,862 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $499,015,770 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Mortgage-Backed Securities | 50.8% | |||
Corporate Bonds & Notes | 48.2% | |||
U.S. Treasury Obligations | 25.3% | |||
Foreign Government Bonds & Notes | 5.8% | |||
Asset-Backed Securities | 5.1% | |||
Others (each less than 3.0%) | 3.9% | |||
|
| |||
139.1% | ||||
Securities Sold Short | (1.5% | ) | ||
Derivatives | (1.2% | ) | ||
Other Assets & Liabilities, Net | (36.4% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $156,640 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees. |
(c) | As of September 30, 2019, investments with a total aggregate value of $2,669,323 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements. |
(d) | The average amount of borrowings by the Fund on sale-buyback financing transactions during thesix-month period ended September 30, 2019 was $30,187,033 at a weighted average interest rate of 2.089%. |
(e) | Securities sold short outstanding as of September 30, 2019 were as follows: |
Description | Principal Amount | Value | ||||||
Mortgage-Backed Securities - (1.5%) |
| |||||||
Fannie Mae | ||||||||
4.500% due 11/13/19 | $4,500,000 | ($4,742,227 | ) | |||||
5.000% due 11/13/19 | 2,700,000 | (2,894,694 | ) | |||||
|
| |||||||
Total Securities Sold Short | ($7,636,921 | ) | ||||||
|
|
(f) | Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitment | Value | Unrealized Appreciation (Depreciation) | |||||||||
Allied Universal Holdco LLC | $1,804 | $1,807 | $3 | |||||||||
|
|
|
|
|
|
(g) | Open futures contracts outstanding as of September 30, 2019 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
AUD FX | 12/19 | 27 | $1,855,848 | $1,827,360 | ($28,488 | ) | ||||||||||||||
CAD FX | 12/19 | 38 | 2,893,415 | 2,873,940 | (19,475 | ) | ||||||||||||||
EUR FX | 12/19 | 103 | 14,322,543 | 14,114,219 | (208,324 | ) | ||||||||||||||
Euro-Bobl | 12/19 | 7 | 1,040,240 | 1,034,966 | (5,274 | ) | ||||||||||||||
Euro-BTP | 12/19 | 181 | 28,530,758 | 28,771,556 | 240,798 | |||||||||||||||
Euro-Buxl | 12/19 | 9 | 2,170,958 | 2,133,585 | (37,373 | ) | ||||||||||||||
Eurodollar | 12/19 | 36 | 8,827,776 | 8,823,600 | (4,176 | ) | ||||||||||||||
Eurodollar | 03/20 | 8 | 1,953,914 | 1,966,600 | 12,686 | |||||||||||||||
Eurodollar | 06/20 | 57 | 13,932,756 | 14,028,412 | 95,656 | |||||||||||||||
Eurodollar | 03/21 | 22 | 5,363,465 | 5,423,275 | 59,810 | |||||||||||||||
JPN FX | 12/19 | 4 | 469,475 | 464,900 | (4,575 | ) | ||||||||||||||
MXN FX | 12/19 | 136 | 3,435,459 | 3,404,080 | (31,379 | ) | ||||||||||||||
RUB FX | 12/19 | 13 | 487,432 | 495,950 | 8,518 | |||||||||||||||
Short Euro-BTP | 12/19 | 41 | 5,021,951 | 5,035,903 | 13,952 | |||||||||||||||
U.S.Treasury 2-Year Notes | 12/19 | 95 | 20,536,079 | 20,472,500 | (63,579 | ) | ||||||||||||||
U.S. Treasury5-Year Notes | 12/19 | 1,395 | 167,064,396 | 166,212,074 | (852,322 | ) | ||||||||||||||
U.S. Treasury10-Year Notes | 12/19 | 197 | 25,894,364 | 25,671,562 | (222,802 | ) | ||||||||||||||
U.S. Treasury Long Bonds | 12/19 | 286 | 47,007,172 | 46,421,375 | (585,797 | ) | ||||||||||||||
U.S. Ultra Long Bonds | 12/19 | 43 | 8,365,978 | 8,251,969 | (114,009 | ) | ||||||||||||||
|
| |||||||||||||||||||
(1,746,153 | ) | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-22
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Short Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
30-Day U.S. Fed Funds | 11/19 | 79 | $32,370,647 | $32,341,566 | $29,081 | |||||||||||||||
Australia3-Year Bonds | 12/19 | 17 | 1,322,610 | 1,327,455 | (4,845 | ) | ||||||||||||||
Australia10-Year Bonds | 12/19 | 111 | 10,972,655 | 11,039,338 | (66,683 | ) | ||||||||||||||
Euribor | 09/20 | 117 | 32,091,479 | 32,054,904 | 36,575 | |||||||||||||||
Euribor | 12/20 | 161 | 44,153,855 | 44,114,126 | 39,729 | |||||||||||||||
Euro-Bobl | 12/19 | 64 | 9,482,714 | 9,462,544 | 20,170 | |||||||||||||||
Euro-Bund | 12/19 | 129 | 24,709,864 | 24,500,256 | 209,608 | |||||||||||||||
Euro-Buxl | 12/19 | 6 | 1,446,121 | 1,422,390 | 23,731 | |||||||||||||||
Eurodollar | 06/21 | 47 | 11,542,288 | 11,588,437 | (46,149 | ) | ||||||||||||||
Euro-OAT | 12/19 | 76 | 14,239,241 | 14,107,884 | 131,357 | |||||||||||||||
Euro-Schatz | 12/19 | 21 | 2,574,195 | 2,571,125 | 3,070 | |||||||||||||||
GBP FX | 12/19 | 10 | 773,475 | 770,750 | 2,725 | |||||||||||||||
Japan10-Year Bonds | 12/19 | 3 | 4,301,388 | 4,301,133 | 255 | |||||||||||||||
Long Gilt | 12/19 | 24 | 3,939,265 | 3,961,294 | (22,029 | ) | ||||||||||||||
U.S. Treasury10-Year Notes | 12/19 | 507 | 66,519,265 | 66,068,437 | 450,828 | |||||||||||||||
U.S. Treasury Long Bonds | 12/19 | 57 | 9,031,505 | 9,251,813 | (220,308 | ) | ||||||||||||||
|
| |||||||||||||||||||
587,115 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | ($1,159,038 | ) | ||||||||||||||||||
|
|
(h) | Forward foreign currency contracts outstanding as of September 30, 2019 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||
AUD | 721,000 | USD | 495,788 | 10/19 | BRC | $— | ($9,113 | ) | ||||||||||||||||||||||
BRL | 13,140,272 | USD | 3,385,827 | 10/19 | CIT | — | (227,270 | ) | ||||||||||||||||||||||
CAD | 2,240,762 | USD | 1,709,879 | 10/19 | BRC | — | (18,084 | ) | ||||||||||||||||||||||
CNH | 11,614,807 | USD | 1,631,866 | 10/19 | JPM | — | (5,915 | ) | ||||||||||||||||||||||
CNY | 23,561 | USD | 3,420 | 10/19 | BRC | — | (115 | ) | ||||||||||||||||||||||
CNY | 23,561 | USD | 3,304 | 01/20 | BRC | — | (9 | ) | ||||||||||||||||||||||
EUR | 619,000 | USD | 686,138 | 10/19 | BRC | — | (10,878 | ) | ||||||||||||||||||||||
EUR | 665,000 | USD | 743,453 | 10/19 | CIT | — | (17,649 | ) | ||||||||||||||||||||||
EUR | 13,430,000 | USD | 14,662,874 | 10/19 | JPM | — | (22,456 | ) | ||||||||||||||||||||||
EUR | 4,602,000 | USD | 5,078,642 | 10/19 | UBS | — | (61,873 | ) | ||||||||||||||||||||||
GBP | 1,050,000 | USD | 1,319,661 | 10/19 | BRC | — | (27,691 | ) | ||||||||||||||||||||||
GBP | 304,456 | USD | 380,361 | 10/19 | CIT | — | (5,743 | ) | ||||||||||||||||||||||
GBP | 2,387,000 | USD | 2,928,028 | 11/19 | JPM | 12,333 | — | |||||||||||||||||||||||
GBP | 317,000 | USD | 384,540 | 11/19 | UBS | 5,948 | — | |||||||||||||||||||||||
IDR | 31,253,386,718 | USD | 2,176,268 | 10/19 | BRC | 22,901 | — | |||||||||||||||||||||||
IDR | 19,938,229,759 | USD | 1,384,407 | 01/20 | BRC | 1,756 | — | |||||||||||||||||||||||
INR | 103,090,302 | USD | 1,466,747 | 10/19 | BRC | — | (12,693 | ) | ||||||||||||||||||||||
INR | 103,090,302 | USD | 1,439,055 | 01/20 | BRC | 231 | — | |||||||||||||||||||||||
JPY | 141,500,000 | USD | 1,325,439 | 11/19 | BRC | — | (12,726 | ) | ||||||||||||||||||||||
JPY | 1,619,400,000 | USD | 15,496,121 | 11/19 | HSB | — | (472,750 | ) | ||||||||||||||||||||||
JPY | 284,300,000 | USD | 2,702,026 | 11/19 | JPM | — | (64,540 | ) | ||||||||||||||||||||||
JPY | 137,500,000 | USD | 1,306,261 | 11/19 | RBS | — | (30,656 | ) | ||||||||||||||||||||||
MXN | 79,382,632 | USD | 4,014,536 | 10/19 | BRC | — | (3,973 | ) | ||||||||||||||||||||||
MXN | 5,900,000 | USD | 301,754 | 10/19 | CIT | — | (3,675 | ) | ||||||||||||||||||||||
MXN | 50,833,000 | USD | 2,529,445 | 01/20 | JPM | 1,446 | — | |||||||||||||||||||||||
PEN | 1,722,411 | USD | 519,283 | 10/19 | JPM | — | (8,775 | ) | ||||||||||||||||||||||
PHP | 16,361,489 | USD | 313,438 | 10/19 | BRC | 2,121 | — | |||||||||||||||||||||||
RUB | 1,783,593 | USD | 27,613 | 10/19 | CIT | — | (172 | ) | ||||||||||||||||||||||
TWD | 807,700 | USD | 26,199 | 10/19 | BRC | — | (140 | ) | ||||||||||||||||||||||
TWD | 807,700 | USD | 26,255 | 01/20 | JPM | — | (11 | ) | ||||||||||||||||||||||
USD | 292,067 | ARS W | 13,843,966 | 10/19 | CIT | 86,565 | — | |||||||||||||||||||||||
USD | 1,767,613 | AUD | 2,545,122 | 10/19 | CIT | �� | 48,693 | — | ||||||||||||||||||||||
USD | 1,355,254 | AUD | 2,007,000 | 10/19 | HSB | 527 | — | |||||||||||||||||||||||
USD | 353,408 | BRL | 1,333,054 | 10/19 | BNP | 21,459 | — | |||||||||||||||||||||||
USD | 662,657 | BRL | 2,628,677 | 10/19 | BRC | 42,316 | — | |||||||||||||||||||||||
USD | 868,391 | CAD | 1,157,000 | 10/19 | HSB | — | (4,943 | ) | ||||||||||||||||||||||
USD | 1,685,626 | CNH | 11,614,807 | 10/19 | BRC | 59,675 | — | |||||||||||||||||||||||
USD | 1,628,252 | CNH | 11,614,807 | 01/20 | JPM | 5,992 | — | |||||||||||||||||||||||
USD | 3,324 | CNY | 23,561 | 10/19 | BRC | 19 | — | |||||||||||||||||||||||
USD | 246,704 | EUR | 220,000 | 10/19 | BNP | 6,588 | — | |||||||||||||||||||||||
USD | 1,481,588 | EUR | 1,320,000 | 10/19 | BRC | 40,894 | — | |||||||||||||||||||||||
USD | 1,414,866 | EUR | 1,262,000 | 10/19 | CIT | 37,476 | — | |||||||||||||||||||||||
USD | 367,163 | EUR | 332,000 | 10/19 | HSB | 5,241 | — | |||||||||||||||||||||||
USD | 19,076,928 | EUR | 16,888,128 | 10/19 | JPM | 649,152 | — | |||||||||||||||||||||||
USD | 16,096,264 | EUR | 14,506,000 | 10/19 | SCB | 282,869 | — |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-23
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||
USD | 14,698,799 | EUR | 13,430,000 | 11/19 | JPM | $20,562 | $— | |||||||||||||||||||||||
USD | 2,494,057 | GBP | 2,020,000 | 11/19 | BRC | 5,774 | — | |||||||||||||||||||||||
USD | 4,051,536 | GBP | 3,305,000 | 11/19 | HSB | — | (19,638 | ) | ||||||||||||||||||||||
USD | 435,940 | GBP | 356,000 | 11/19 | JPM | — | (2,589 | ) | ||||||||||||||||||||||
USD | 6,651,053 | GBP | 5,479,000 | 11/19 | SCB | — | (98,104 | ) | ||||||||||||||||||||||
USD | 1,403,409 | IDR | 19,938,229,759 | 10/19 | BRC | 1,597 | — | |||||||||||||||||||||||
USD | 325,477 | IDR | 4,625,673,521 | 10/19 | JPM | — | (13 | ) | ||||||||||||||||||||||
USD | 472,404 | IDR | 6,689,483,438 | 10/19 | JPM | 536 | — | |||||||||||||||||||||||
USD | 1,456,078 | INR | 103,090,302 | 10/19 | BRC | 2,023 | — | |||||||||||||||||||||||
USD | 94,795 | JPY | 10,000,000 | 10/19 | BRC | 2,197 | — | |||||||||||||||||||||||
USD | 3,604,096 | JPY | 387,921,363 | 10/19 | CIT | 12,025 | — | |||||||||||||||||||||||
USD | 5,190,416 | JPY | 548,000,000 | 11/19 | HSB | 106,553 | — | |||||||||||||||||||||||
USD | 4,394,925 | MXN | 85,282,632 | 10/19 | CIT | 86,283 | — | |||||||||||||||||||||||
USD | 3,958,187 | MXN | 79,382,632 | 01/20 | BRC | 2,960 | — | |||||||||||||||||||||||
USD | 317,699 | PHP | 16,361,489 | 10/19 | BRC | 2,140 | — | |||||||||||||||||||||||
USD | 1,343,256 | PHP | 69,040,000 | 11/19 | BRC | 12,941 | — | |||||||||||||||||||||||
USD | 311,927 | PHP | 16,361,489 | 01/20 | JPM | — | (2,403 | ) | ||||||||||||||||||||||
USD | 91,982 | RUB | 5,936,270 | 10/19 | JPM | 651 | — | |||||||||||||||||||||||
USD | 26,055 | TWD | 807,700 | 10/19 | BRC | — | (5 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $1,590,444 | ($1,144,602 | ) | |||||||||||||||||||||||||||
|
|
|
|
(i) | Purchased options outstanding as of September 30, 2019 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counterparty | Notional Amount | Cost | Value | ||||||||||||||||
Put - AUD versus USD | $0.70 | 12/05/19 | CIT | $1,560,000 | $8,892 | $2,873 | ||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Call -EUR-FX (10/19) | $1.10 | 10/04/19 | CME | 2 | $275,000 | $2,317 | $350 | |||||||||||||||||||||
Call -EUR-FX (10/19) | 1.12 | 10/04/19 | CME | 1 | 139,375 | 703 | 6 | |||||||||||||||||||||
Call -EUR-FX (10/19) | 1.13 | 10/04/19 | CME | 1 | 140,625 | 1,015 | 6 | |||||||||||||||||||||
Call -AUD-FX (10/19) | 68.50 | 10/04/19 | CME | 4 | 274,000 | 1,670 | 140 | |||||||||||||||||||||
Call -AUD-FX (10/19) | 69.00 | 10/04/19 | CME | 1 | 69,000 | 363 | 10 | |||||||||||||||||||||
Call -CAD-FX (10/19) | 75.50 | 10/04/19 | CME | 1 | 75,500 | 343 | 250 | |||||||||||||||||||||
Call -CAD-FX (10/19) | 76.00 | 10/04/19 | CME | 5 | 380,000 | 1,842 | 250 | |||||||||||||||||||||
Call -CAD-FX (10/19) | 76.50 | 10/04/19 | CME | 2 | 153,000 | 425 | 10 | |||||||||||||||||||||
Call - U.S. Treasury5-Year Notes (10/19) | 119.25 | 10/04/19 | CME | 3 | 357,750 | 521 | 562 | |||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (10/19) | 130.25 | 10/04/19 | CME | 3 | 390,750 | 1,005 | 1,219 | |||||||||||||||||||||
Call - U.S. Treasury5-Year Notes (11/19) | 119.00 | 10/25/19 | CME | 3 | 357,000 | 1,388 | 1,476 | |||||||||||||||||||||
Call - U.S. Treasury5-Year Notes (11/19) | 119.25 | 10/25/19 | CME | 1 | 119,250 | 400 | 375 | |||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 129.00 | 10/25/19 | CME | 7 | 903,000 | 5,059 | 10,719 | |||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 129.50 | 10/25/19 | CME | 4 | 518,000 | 2,601 | 4,625 | |||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 130.00 | 10/25/19 | CME | 8 | 1,034,800 | 5,717 | 6,750 | |||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 130.25 | 10/25/19 | CME | 2 | 260,500 | 1,394 | 1,438 | |||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 137.25 | 10/25/19 | CME | 592 | 81,252,000 | 10,274 | — | |||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 162.00 | 10/25/19 | CME | 3 | 486,000 | 5,099 | 5,391 | |||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 162.50 | 10/25/19 | CME | 1 | 162,500 | 1,564 | 1,547 | |||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 193.00 | 10/25/19 | CME | 250 | 48,250,000 | 4,339 | — | |||||||||||||||||||||
Call -EUR-FX (11/19) | 1.10 | 11/08/19 | CME | 1 | 137,500 | 1,015 | 825 | |||||||||||||||||||||
Call -EUR-FX (11/19) | 1.11 | 11/08/19 | CME | 1 | 138,125 | 1,127 | 587 | |||||||||||||||||||||
Call -EUR-FX (11/19) | 1.12 | 11/08/19 | CME | 1 | 139,375 | 1,078 | 288 | |||||||||||||||||||||
Call -AUD-FX (11/19) | 68.00 | 11/08/19 | CME | 3 | 204,000 | 1,737 | 1,470 | |||||||||||||||||||||
Call -AUD-FX (11/19) | 68.50 | 11/08/19 | CME | 1 | 68,500 | 553 | 310 | |||||||||||||||||||||
Call -CAD-FX (11/19) | 75.00 | 11/08/19 | CME | 1 | 75,000 | 692 | 910 | |||||||||||||||||||||
Call -CAD-FX (11/19) | 76.00 | 11/08/19 | CME | 3 | 228,000 | 1,297 | 1,080 | |||||||||||||||||||||
Call - Euro-Bund (11/19) | EUR 185.50 | 11/22/19 | EUX | 10 | EUR 1,855,000 | 119 | 110 | |||||||||||||||||||||
Call -Euro-OAT (11/19) | 192.00 | 11/22/19 | EUX | 13 | 2,496,000 | 151 | 144 | |||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (12/19) | $222.00 | 11/22/19 | CME | 1 | $222,000 | 9 | — | |||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (12/19) | 225.00 | 11/22/19 | CME | 10 | 2,250,000 | 86 | — | |||||||||||||||||||||
Call -EUR-FX (12/19) | 1.11 | 12/06/19 | CME | 2 | 277,500 | 1,780 | 1,350 | |||||||||||||||||||||
Call -AUD-FX (12/19) | 68.00 | 12/06/19 | CME | 1 | 68,000 | 763 | 700 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
58,446 | 42,898 | |||||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-24
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Put -JPN-FX (10/19) | $94.00 | 10/04/19 | CME | 1 | $117,500 | $665 | $1,325 | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 113.00 | 10/25/19 | CME | 499 | 56,387,000 | 4,762 | — | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 115.50 | 10/25/19 | CME | 237 | 27,373,500 | 7,816 | 1,852 | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 115.75 | 10/25/19 | CME | 84 | 9,723,000 | 2,770 | 656 | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 116.00 | 10/25/19 | CME | 84 | 9,744,000 | 2,770 | 1,313 | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 119.00 | 10/25/19 | CME | 3 | 357,000 | 1,247 | 1,031 | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (11/19) | 129.00 | 10/25/19 | CME | 1 | 129,000 | 752 | 219 | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (11/19) | 130.25 | 10/25/19 | CME | 1 | 130,250 | 736 | 656 | |||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 140.00 | 10/25/19 | CME | 300 | 42,000,000 | 5,207 | — | |||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 159.00 | 10/25/19 | CME | 1 | 159,000 | 2,080 | 484 | |||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 160.00 | 10/25/19 | CME | 2 | 320,000 | 4,019 | 1,469 | |||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 164.00 | 10/25/19 | CME | 2 | 328,000 | 3,519 | 5,281 | |||||||||||||||||||||
Put - Euro-Bund (11/19) | EUR 173.00 | 10/25/19 | EUX | 3 | EUR 519,000 | 2,858 | 1,186 | |||||||||||||||||||||
Put -EUR-FX (11/19) | $1.11 | 11/08/19 | CME | 1 | $138,125 | 828 | 1,675 | |||||||||||||||||||||
Put -AUD-FX (11/19) | 67.50 | 11/08/19 | CME | 2 | 135,000 | 1,085 | 1,140 | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (12/19) | 108.00 | 11/22/19 | CME | 90 | 9,720,000 | 774 | — | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (12/19) | 108.25 | 11/22/19 | CME | 36 | 3,897,000 | 310 | — | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (12/19) | 109.25 | 11/22/19 | CME | 8 | 874,000 | 69 | — | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (12/19) | 109.50 | 11/22/19 | CME | 27 | 2,956,500 | 232 | — | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (12/19) | 110.00 | 11/22/19 | CME | 53 | 5,830,000 | 456 | — | |||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (12/19) | 110.50 | 11/22/19 | �� | CME | 28 | 3,094,000 | 241 | — | ||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 115.00 | 11/22/19 | CME | 60 | 6,900,000 | 516 | — | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 117.50 | 11/22/19 | CME | 89 | 10,457,500 | 765 | — | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 118.00 | 11/22/19 | CME | 2 | 236,000 | 17 | — | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 118.50 | 11/22/19 | CME | 2 | 237,000 | 17 | — | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 119.00 | 11/22/19 | CME | 114 | 13,566,000 | 981 | — | |||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 119.50 | 11/22/19 | CME | 2 | 239,000 | 17 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
45,509 | 18,287 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Options on Futures | $103,955 | $61,185 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Purchased Options | $112,847 | $64,058 | ||||||||||||||||||||||||||
|
|
|
|
(j) | Premiums received and value of written options outstanding as of September 30, 2019 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||||||||||
Put - MXN versus USD | MXN 19.85 | 10/03/19 | JPM | $2,600,000 | $14,014 | ($17,357 | ) | |||||||||||||||||||||||||
|
|
|
|
Inflation Floor/Cap Options
Description | Initial Index | Floating Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||||
Floor - U.S. CPI Urban Consumers | 217.97 | Maximum of [0, (1 + 0.000%)10 - Final Index/Initial Index] | 09/29/20 | CIT | $600,000 | $7,740 | $— | |||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||||||||
Call -EUR-FX (10/19) | $1.11 | 10/04/19 | CME | 2 | $277,500 | $1,520 | ($38 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury5-Year Notes (11/19) | 119.50 | 10/25/19 | CME | 18 | 2,151,000 | 5,680 | (4,922 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 130.50 | 10/25/19 | CME | 15 | 1,957,500 | 6,443 | (8,906 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 130.75 | 10/25/19 | CME | 3 | 392,250 | 1,432 | (1,500 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 131.00 | 10/25/19 | CME | 45 | 5,895,000 | 18,754 | (18,281 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 131.25 | 10/25/19 | CME | 2 | 262,500 | 731 | (656 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 131.50 | 10/25/19 | CME | 6 | 789,000 | 1,880 | (1,594 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 132.00 | 10/25/19 | CME | 12 | 1,584,000 | 4,932 | (2,062 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 132.50 | 10/25/19 | CME | 2 | 265,000 | 1,559 | (219 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (11/19) | 133.00 | 10/25/19 | CME | 15 | 1,995,000 | 9,349 | (1,172 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 160.00 | 10/25/19 | CME | 2 | 320,000 | 3,325 | (6,094 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 163.00 | 10/25/19 | CME | 1 | 163,000 | 1,280 | (1,328 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 164.00 | 10/25/19 | CME | 3 | 492,000 | 2,557 | (2,859 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 165.00 | 10/25/19 | CME | 7 | 1,155,000 | 5,441 | (4,812 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 166.00 | 10/25/19 | CME | 6 | 996,000 | 6,115 | (2,812 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 167.00 | 10/25/19 | CME | 4 | 668,000 | 6,040 | (1,312 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 168.00 | 10/25/19 | CME | 4 | 672,000 | 6,821 | (875 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (11/19) | 170.00 | 10/25/19 | CME | 5 | 850,000 | 6,976 | (547 | ) | ||||||||||||||||||||||||
Call - Euro-Bund (11/19) | EUR 176.00 | 10/25/19 | EUX | 1 | EUR 176,000 | 537 | (223 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-25
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||||||||
Call -AUD-FX (11/19) | $70.00 | 11/08/19 | CME | 2 | $140,000 | $535 | ($140 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury5-Year Notes (12/19) | 119.50 | 11/22/19 | CME | 7 | 836,500 | 1,793 | (3,117 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (12/19) | 131.00 | 11/22/19 | CME | 7 | 917,000 | 3,003 | (4,922 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (12/19) | 131.50 | 11/22/19 | CME | 3 | 394,500 | 1,213 | (1,641 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury10-Year Notes (12/19) | 132.00 | 11/22/19 | CME | 6 | 792,000 | 2,693 | (2,438 | ) | ||||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (12/19) |
| 162.00 | 11/22/19 | CME | 1 | 162,000 | 1,186 | (2,469 | ) | |||||||||||||||||||||||
Call - U.S. Treasury30-Year Bonds (12/19) |
| 164.00 | 11/22/19 | CME | 2 | 328,000 | 2,997 | (3,219 | ) | |||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||||
104,792 | (78,158 | ) | ||||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 118.50 | 10/25/19 | CME | 21 | 2,488,500 | 4,568 | (3,445 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury5-Year Notes (11/19) | 119.50 | 10/25/19 | CME | 6 | 717,000 | 1,958 | (3,750 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (11/19) | 129.50 | 10/25/19 | CME | 11 | 1,424,500 | 5,340 | (3,781 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (11/19) | 130.50 | 10/25/19 | CME | 8 | 1,044,000 | 4,142 | (6,250 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (11/19) | 131.00 | 10/25/19 | CME | 5 | 655,000 | 3,101 | (5,469 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 161.00 | 10/25/19 | CME | 4 | 644,000 | 5,946 | (4,250 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 162.00 | 10/25/19 | CME | 4 | 648,000 | 5,806 | (5,938 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury30-Year Bonds (11/19) | 163.00 | 10/25/19 | CME | 3 | 489,000 | 3,604 | (6,047 | ) | ||||||||||||||||||||||||
Put - Euro-Bund (11/19) | EUR 171.00 | 10/25/19 | EUX | 32 | EUR 5,472,000 | 10,587 | (2,594 | ) | ||||||||||||||||||||||||
Put - Euro-Bund (11/19) | 171.50 | 10/25/19 | EUX | 14 | 2,401,000 | 5,404 | (1,755 | ) | ||||||||||||||||||||||||
Put - Euro-Bund (11/19) | 172.00 | 10/25/19 | EUX | 2 | 344,000 | 904 | (362 | ) | ||||||||||||||||||||||||
Put - Euro-Bund (11/19) | 173.50 | 10/25/19 | EUX | 40 | 6,940,000 | 18,597 | (21,584 | ) | ||||||||||||||||||||||||
Put - Euro-Bund (11/19) | 174.00 | 10/25/19 | EUX | 18 | 3,132,000 | 11,330 | (13,477 | ) | ||||||||||||||||||||||||
Put -EUR-FX (11/19) | $1.12 | 11/08/19 | CME | 1 | $139,375 | 1,485 | (2,625 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 129.00 | 11/22/19 | CME | 8 | 1,032,000 | 3,830 | (3,625 | ) | ||||||||||||||||||||||||
Put - U.S. Treasury10-Year Notes (12/19) | 130.00 | 11/22/19 | CME | 17 | 2,210,000 | 10,299 | (14,078 | ) | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
96,901 | (99,030 | ) | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total Options on Futures | $201,693 | ($177,188 | ) | |||||||||||||||||||||||||||||
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|
Options on Securities
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||
Call - Fannie Mae 3.000% due 11/13/49 | $101.59 | 11/06/19 | JPM | $2,000,000 | $6,484 | ($6,927 | ) | |||||||||||||||||
Call - Fannie Mae 3.000% due 11/13/49 | 101.60 | 11/06/19 | JPM | 2,000,000 | 6,406 | (6,852 | ) | |||||||||||||||||
Call - Fannie Mae 3.000% due 11/13/49 | 102.19 | 11/06/19 | JPM | 1,900,000 | 5,567 | (2,593 | ) | |||||||||||||||||
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|
| |||||||||||||||||||||
$18,457 | ($16,372 | ) | ||||||||||||||||||||||
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|
|
| |||||||||||||||||||||
Total Written Options | $241,904 | ($210,917 | ) | |||||||||||||||||||||
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|
|
(k) | Swap agreements outstanding as of September 30, 2019 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/19 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Petrobras International Co SA | Q | 1.000% | 12/20/19 | GSC | 0.171% | $300,000 | $648 | ($32,995 | ) | $33,643 | ||||||||||||||||||||||||||
Russian Federation | Q | 1.000% | 12/20/23 | JPM | 0.689% | 500,000 | 6,499 | (13,052 | ) | 19,551 | ||||||||||||||||||||||||||
Italy Government | Q | 1.000% | 06/20/24 | BRC | 0.915% | 2,600,000 | 10,703 | (69,273 | ) | 79,976 | ||||||||||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||||||||||||
17,850 | (115,320 | ) | 133,170 | |||||||||||||||||||||||||||||||||
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|
| |||||||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||||||
Deutsche Bank AG | Q | 1.000% | 12/20/19 | ICE | 0.459% | EUR 700,000 | 1,161 | 1,812 | (651 | ) | ||||||||||||||||||||||||||
Citigroup Inc | Q | 1.000% | 12/20/20 | ICE | 0.255% | $900,000 | 8,458 | 18,994 | (10,536 | ) | ||||||||||||||||||||||||||
Tesco PLC | Q | 1.000% | 06/20/22 | ICE | 0.512% | EUR 800,000 | 12,008 | 3,661 | 8,347 | |||||||||||||||||||||||||||
|
|
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|
|
| |||||||||||||||||||||||||||||||
21,627 | 24,467 | (2,840 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection |
| $39,477 | ($90,853 | ) | $130,330 | |||||||||||||||||||||||||||||||
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|
|
Credit Default Swaps on Credit Indices – Buy Protection (4)
Referenced Obligation | Payment Frequency | Fixed Deal Pay Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
CDX HY 33 5Y | Q | 5.000% | 12/20/24 | ICE | $1,680,000 | ($114,515 | ) | ($109,337 | ) | ($5,178 | ) | |||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-26
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Credit Default Swaps on Credit Indices – Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CDX IG 23 2Y | Q | 1.000% | 12/20/19 | ICE | $982,080 | $2,235 | $12,832 | ($10,597 | ) | |||||||||||||||||||||||
CDX IG 25 5Y | Q | 1.000% | 12/20/20 | ICE | 2,271,680 | 23,391 | 41,644 | (18,253 | ) | |||||||||||||||||||||||
CDX IG 33 5Y | Q | 1.000% | 12/20/24 | ICE | 11,540,000 | 230,548 | 229,714 | 834 | ||||||||||||||||||||||||
CDX IG 33 10Y | Q | 1.000% | 12/20/29 | ICE | 620,000 | (4,048 | ) | (4,031 | ) | (17 | ) | |||||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||||||||
$252,126 | $280,159 | ($28,033 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Credit Default Swaps | $177,088 | $79,969 | $97,119 | |||||||||||||||||||||||||||||
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|
|
|
(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(5) | The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest Rate Swaps – Long
Receive | Pay | Payment Frequency Receive Rate / Pay Rate | Counterparty | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
8.410% | Brazil CETIP Interbank | Z / Z | CIT | 01/02/20 | BRL 52,950,000 | $402,272 | $16,851 | $385,421 | ||||||||||||||||||||||||
7.024% | Brazil CETIP Interbank | Z / Z | CIT | 01/04/27 | 5,712,000 | 19,237 | 2,294 | 16,943 | ||||||||||||||||||||||||
7.044% | Brazil CETIP Interbank | Z / Z | JPM | 01/04/27 | 1,400,000 | 5,023 | — | 5,023 | ||||||||||||||||||||||||
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|
|
|
| |||||||||||||||||||||||||||
426,532 | 19,145 | 407,387 | ||||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
1.138% | 3-Month USD-LIBOR | S / Q | CME | 10/17/19 | $12,330,000 | (37,774 | ) | — | (37,774 | ) | ||||||||||||||||||||||
0.250% | 6-Month JPY-LIBOR | S / S | CME | 12/20/19 | JPY 690,000,000 | 8,234 | 28,755 | (20,521 | ) | |||||||||||||||||||||||
1.671% | 3-Month USD-LIBOR | S / Q | CME | 06/14/20 | $12,160,000 | 25,107 | (3,505 | ) | 28,612 | |||||||||||||||||||||||
2.250% | 3-Month USD-LIBOR | S / Q | CME | 04/26/22 | 4,700,000 | 39,481 | 1,087 | 38,394 | ||||||||||||||||||||||||
1.850% | 3-Month USD-LIBOR | S / Q | CME | 06/15/22 | 5,120,000 | 60,262 | (1,248 | ) | 61,510 | |||||||||||||||||||||||
2.800% | 3-Month USD-LIBOR | S / Q | CME | 08/22/23 | 500,000 | 24,572 | — | 24,572 | ||||||||||||||||||||||||
0.100% | 6-Month JPY-LIBOR | S / S | LCH | 03/20/24 | JPY 2,790,000,000 | 305,081 | 88,986 | 216,095 | ||||||||||||||||||||||||
(0.095%) | 6-Month JPY-LIBOR | S / S | LCH | 09/13/26 | 140,000,000 | 19,410 | — | 19,410 | ||||||||||||||||||||||||
(0.092%) | 6-Month JPY-LIBOR | S / S | LCH | 09/13/26 | 70,000,000 | 1,212 | — | 1,212 | ||||||||||||||||||||||||
(0.088%) | 6-Month JPY-LIBOR | S / S | LCH | 09/17/26 | 120,000,000 | 16,033 | — | 16,033 | ||||||||||||||||||||||||
(0.068%) | 6-Month JPY-LIBOR | S / S | LCH | 09/18/26 | 120,000,000 | 3,882 | — | 3,882 | ||||||||||||||||||||||||
(0.062%) | 6-Month JPY-LIBOR | S / S | LCH | 09/18/26 | 190,000,000 | 6,884 | (84 | ) | 6,968 | |||||||||||||||||||||||
(0.064%) | 6-Month JPY-LIBOR | S / S | LCH | 09/19/26 | 67,000,000 | 2,394 | — | 2,394 | ||||||||||||||||||||||||
(0.063%) | 6-Month JPY-LIBOR | S / S | LCH | 09/19/26 | 67,000,000 | 2,438 | — | 2,438 | ||||||||||||||||||||||||
(0.087%) | 6-Month JPY-LIBOR | S / S | LCH | 09/20/26 | 34,000,000 | 695 | — | 695 | ||||||||||||||||||||||||
(0.097%) | 6-Month JPY-LIBOR | S / S | LCH | 09/24/26 | 82,000,000 | 1,127 | 111 | 1,016 | ||||||||||||||||||||||||
7.450% | 28-Day MXN TIIE | L / L | CME | 07/18/29 | MXN 63,630,000 | 156,872 | 26,769 | 130,103 | ||||||||||||||||||||||||
7.440% | 28-Day MXN TIIE | L / L | CME | 07/20/29 | 66,300,000 | 162,045 | 33,754 | 128,291 | ||||||||||||||||||||||||
3.000% | 3-Month USD-LIBOR | S / Q | CME | 02/15/36 | $2,358,000 | 478,911 | 1,383 | 477,528 | ||||||||||||||||||||||||
0.122% | 6-Month JPY-LIBOR | S / S | LCH | 08/22/39 | JPY 370,000,000 | (46,792 | ) | 49,345 | (96,137 | ) | ||||||||||||||||||||||
0.103% | 6-Month JPY-LIBOR | S / S | LCH | 08/28/39 | 90,000,000 | (14,638 | ) | — | (14,638 | ) | ||||||||||||||||||||||
1.000% | 6-Month JPY-LIBOR | S / S | LCH | 03/21/48 | 20,000,000 | 37,041 | 48,803 | (11,762 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
1,252,477 | 274,156 | 978,321 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps - Long |
| $1,679,009 | $293,301 | $1,385,708 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-27
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Interest Rate Swaps – Short
Pay | Receive | Payment Frequency Pay Rate / Receive Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
2.300% | 3-MonthUSD-LIBOR | S / Q | CME | 04/26/23 | $4,798,000 | ($41,025 | ) | $324 | ($41,349 | ) | ||||||||||||||||||||||
0.750% | 6-MonthGBP-LIBOR | S / S | LCH | 03/18/25 | GBP 6,900,000 | (72,095 | ) | 7,547 | (79,642 | ) | ||||||||||||||||||||||
2.250% | 3-MonthUSD-LIBOR | S / Q | CME | 12/31/25 | $3,844,000 | (193,110 | ) | 20,162 | (213,272 | ) | ||||||||||||||||||||||
2.500% | 3-MonthUSD-LIBOR | S / Q | CME | 01/31/26 | 8,369,000 | (505,081 | ) | (112,446 | ) | (392,635 | ) | |||||||||||||||||||||
0.300% | 6-MonthJPY-LIBOR | S / S | CME | 03/18/26 | JPY 1,290,000,000 | (334,405 | ) | (109,943 | ) | (224,462 | ) | |||||||||||||||||||||
0.300% | 6-MonthJPY-LIBOR | S / S | LCH | 03/18/26 | 970,000,000 | (251,452 | ) | (62,572 | ) | (188,880 | ) | |||||||||||||||||||||
1.850% | 3-MonthUSD-LIBOR | S / Q | CME | 04/30/26 | $7,507,000 | (161,732 | ) | 10,156 | (171,888 | ) | ||||||||||||||||||||||
1.250% | 1 Day U.S. Fed Funds | A / A | CME | 06/30/26 | 5,515,000 | (4,044 | ) | (5,848 | ) | 1,804 | ||||||||||||||||||||||
1.550% | 3-MonthUSD-LIBOR | S / Q | CME | 06/30/26 | 910,000 | (3,656 | ) | 1,027 | (4,683 | ) | ||||||||||||||||||||||
0.300% | 6-MonthJPY-LIBOR | S / S | LCH | 09/20/27 | JPY 440,000,000 | (129,293 | ) | (16,687 | ) | (112,606 | ) | |||||||||||||||||||||
2.500% | 3-MonthUSD-LIBOR | S / Q | CME | 12/20/27 | $2,000,000 | (162,337 | ) | (11,780 | ) | (150,557 | ) | |||||||||||||||||||||
0.300% | 6-MonthJPY-LIBOR | S / S | LCH | 03/20/28 | JPY 100,000,000 | (30,116 | ) | 7,084 | (37,200 | ) | ||||||||||||||||||||||
0.399% | 6-MonthJPY-LIBOR | S / S | LCH | 06/18/28 | 50,000,000 | (19,794 | ) | (42 | ) | (19,752 | ) | |||||||||||||||||||||
2.250% | 3-MonthUSD-LIBOR | S / Q | LCH | 06/20/28 | $5,200,000 | (329,698 | ) | 328,189 | (657,887 | ) | ||||||||||||||||||||||
0.450% | 6-MonthJPY-LIBOR | S / S | LCH | 03/20/29 | JPY 710,000,000 | (314,857 | ) | (86,980 | ) | (227,877 | ) | |||||||||||||||||||||
1.000% | 6-MonthGBP-LIBOR | S / S | LCH | 12/18/29 | GBP 900,000 | (38,971 | ) | — | (38,971 | ) | ||||||||||||||||||||||
0.750% | 6-MonthGBP-LIBOR | S / S | LCH | 03/18/30 | 1,500,000 | (19,856 | ) | 15,511 | (35,367 | ) | ||||||||||||||||||||||
0.750% | 6-MonthJPY-LIBOR | S / S | LCH | 03/20/38 | JPY 250,000,000 | (249,753 | ) | 21,003 | (270,756 | ) | ||||||||||||||||||||||
0.800% | 6-MonthJPY-LIBOR | S / S | LCH | 10/22/38 | 10,000,000 | (11,312 | ) | — | (11,312 | ) | ||||||||||||||||||||||
0.705% | 6-MonthJPY-LIBOR | S / S | LCH | 10/31/38 | 50,000,000 | (47,922 | ) | 3,203 | (51,125 | ) | ||||||||||||||||||||||
0.785% | 6-MonthJPY-LIBOR | S / S | LCH | 11/12/38 | 20,000,000 | (22,038 | ) | 68 | (22,106 | ) | ||||||||||||||||||||||
0.750% | 6-MonthJPY-LIBOR | S / S | LCH | 12/20/38 | 725,000,000 | (750,198 | ) | (25,170 | ) | (725,028 | ) | |||||||||||||||||||||
3.330% | 3-MonthUSD-LIBOR | S / Q | CME | 02/15/44 | $1,814,000 | (602,694 | ) | 823 | (603,517 | ) | ||||||||||||||||||||||
2.875% | 3-MonthUSD-LIBOR | S / Q | CME | 05/15/44 | 223,000 | (55,180 | ) | 2,745 | (57,925 | ) | ||||||||||||||||||||||
3.000% | 3-Month USD-LIBOR | S / Q | CME | 05/15/44 | 1,776,000 | (486,246 | ) | 1,416 | (487,662 | ) | ||||||||||||||||||||||
2.750% | 3-MonthUSD-LIBOR | S / Q | CME | 08/15/44 | 1,683,000 | (362,906 | ) | (866 | ) | (362,040 | ) | |||||||||||||||||||||
1.810% | 3-MonthUSD-LIBOR | S / Q | CME | 11/15/44 | 493,000 | (9,451 | ) | 660 | (10,111 | ) | ||||||||||||||||||||||
1.850% | 3-MonthUSD-LIBOR | S / Q | CME | 11/15/44 | 810,000 | (22,344 | ) | 2,226 | (24,570 | ) | ||||||||||||||||||||||
0.641% | 6-MonthJPY-LIBOR | S / S | CME | 05/09/46 | JPY 187,300,000 | (147,429 | ) | — | (147,429 | ) | ||||||||||||||||||||||
1.498% | 6-MonthEUR-LIBOR | A / S | CME | 08/23/47 | EUR 543,000 | (212,955 | ) | (813 | ) | (212,142 | ) | |||||||||||||||||||||
2.905% | 3-MonthUSD-LIBOR | S / Q | CME | 08/22/48 | $1,400,000 | (392,548 | ) | 44,506 | (437,054 | ) | ||||||||||||||||||||||
2.940% | 3-MonthUSD-LIBOR | S / Q | CME | 08/22/48 | 300,000 | (86,599 | ) | — | (86,599 | ) | ||||||||||||||||||||||
1.250% | 6-Month GBP-LIBOR | S / S | LCH | 12/18/49 | GBP 3,100,000 | (583,149 | ) | — | (583,149 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($6,654,246 | ) | $33,503 | ($6,687,749 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps |
| ($4,975,237 | ) | $326,804 | ($5,302,041 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Swap Agreements |
| ($4,798,149 | ) | $406,773 | ($5,204,922 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
Upfront Premium Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $19,145 | $540,557 | ||||||
Liabilities | (115,320 | ) | — | |||||
Centrally Cleared Swap Agreements (1) | ||||||||
Assets | 1,054,300 | 1,170,138 | ||||||
Liabilities | (551,352 | ) | (6,915,617 | ) | ||||
|
|
|
| |||||
$406,773 | ($5,204,922 | ) | ||||||
|
|
|
|
(1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-28
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(l) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $240,498,519 | $— | $240,498,519 | $— | |||||||||||||
Senior Loan Notes | 5,169,645 | — | 5,169,645 | — | ||||||||||||||
Mortgage-Backed Securities | 253,597,424 | — | 253,597,424 | — | ||||||||||||||
Asset-Backed Securities | 25,593,811 | — | 25,593,811 | — | ||||||||||||||
U.S. Treasury Obligations | 126,404,834 | — | 126,404,834 | — | ||||||||||||||
Foreign Government Bonds & Notes | 28,828,561 | — | 28,828,561 | — | ||||||||||||||
Municipal Bonds | 2,250,923 | — | 2,250,923 | — | ||||||||||||||
Short-Term Investments | 11,650,813 | 9,371,403 | 2,279,410 | — | ||||||||||||||
Unfunded Loan Commitment | 1,807 | — | 1,807 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 142,351 | — | 142,351 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | 11,243 | 11,243 | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 1,590,444 | — | 1,590,444 | — | ||||||||||||||
Purchased Options | 15,555 | — | 15,555 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 1,617,242 | 11,243 | 1,605,999 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 1,367,306 | 1,367,306 | — | — | ||||||||||||||
Purchased Options | 48,503 | — | 48,503 | — | ||||||||||||||
Swaps | 1,568,344 | — | 1,568,344 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 2,984,153 | 1,367,306 | 1,616,847 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 4,743,746 | 1,378,549 | 3,365,197 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 698,740,083 | 10,749,952 | 687,990,131 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Sale-buyback Financing Transactions | (44,635,678 | ) | — | (44,635,678 | ) | — | |||||||||||
Securities Sold Short: | ||||||||||||||||||
Mortgaged-Backed Securities | (7,636,921 | ) | — | (7,636,921 | ) | — | ||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (45,232 | ) | — | (45,232 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | (292,241 | ) | (292,241 | ) | — | — | ||||||||||||
Forward Foreign Currency Contracts | (1,144,602 | ) | — | (1,144,602 | ) | — | ||||||||||||
Written Options | (20,160 | ) | — | (20,160 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (1,457,003 | ) | (292,241 | ) | (1,164,762 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (2,245,346 | ) | (2,245,346 | ) | — | — | ||||||||||||
Written Options | (190,757 | ) | — | (190,757 | ) | — | ||||||||||||
Swaps | (6,870,385 | ) | — | (6,870,385 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (9,306,488 | ) | (2,245,346 | ) | (7,061,142 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (10,808,723 | ) | (2,537,587 | ) | (8,271,136 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (63,081,322 | ) | (2,537,587 | ) | (60,543,735 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $635,658,761 | $8,212,365 | $627,446,396 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-29
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 53.1% |
| |||||||
Basic Materials - 2.1% |
| |||||||
Anglo American Capital PLC (South Africa) | $250,000 | $256,791 | ||||||
ArcelorMittal (Luxembourg) | 290,000 | 302,060 | ||||||
Braskem Finance Ltd (Brazil) | 365,000 | 379,604 | ||||||
CNAC HK Finbridge Co Ltd (China) | 200,000 | 200,754 | ||||||
DuPont de Nemours Inc | 300,000 | 305,596 | ||||||
International Flavors & Fragrances Inc | 65,000 | 65,754 | ||||||
INVISTA Finance LLC | 1,040,000 | 1,041,165 | ||||||
LyondellBasell Industries NV | 200,000 | 213,784 | ||||||
Vale Overseas Ltd (Brazil) | 505,000 | 523,937 | ||||||
|
| |||||||
3,289,445 | ||||||||
|
| |||||||
Communications - 2.4% |
| |||||||
Alibaba Group Holding Ltd (China) | 200,000 | 210,590 | ||||||
America Movil Sab de CV (Mexico) | 118,000 | 119,553 | ||||||
Axiata SPV2 Bhd (Malaysia) | 220,000 | 222,403 | ||||||
Baidu Inc (China) | ||||||||
2.875% due 07/06/22 | 200,000 | 201,269 | ||||||
3.500% due 11/28/22 | 200,000 | 204,974 | ||||||
3.875% due 09/29/23 | 200,000 | 208,380 | ||||||
Charter Communications Operating LLC | ||||||||
3.579% due 07/23/20 | 370,000 | 373,364 | ||||||
4.464% due 07/23/22 | 590,000 | 621,333 | ||||||
Comcast Corp | 250,000 | 266,725 | ||||||
Crown Castle Towers LLC | 55,000 | 56,824 | ||||||
CSC Holdings LLC | 200,000 | 226,865 | ||||||
Expedia Group Inc | 65,000 | 67,054 | ||||||
Fox Corp | ||||||||
3.666% due 01/25/22 ~ | 90,000 | 92,959 | ||||||
4.030% due 01/25/24 ~ | 105,000 | 111,774 | ||||||
JD.com Inc (China) | 560,000 | 562,771 | ||||||
The Interpublic Group of Cos Inc | 45,000 | 45,536 | ||||||
Weibo Corp (China) | 200,000 | 203,348 | ||||||
|
| |||||||
3,795,722 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.0% |
| |||||||
American Airlines Pass Through Trust | 170,790 | 171,943 | ||||||
Daimler Finance North America LLC (Germany) | ||||||||
1.750% due 10/30/19 ~ | 165,000 | 164,948 | ||||||
2.200% due 05/05/20 ~ | 350,000 | 350,195 | ||||||
2.300% due 02/12/21 ~ | 805,000 | 805,846 | ||||||
Delta Air Lines Inc | ||||||||
2.600% due 12/04/20 | 65,000 | 65,132 | ||||||
2.875% due 03/13/20 | 885,000 | 886,991 | ||||||
DR Horton Inc | 125,000 | 125,401 |
Principal Amount | Value | |||||||
Ford Motor Credit Co LLC | ||||||||
2.681% due 01/09/20 | $700,000 | $699,998 | ||||||
3.065% (USD LIBOR + 0.930%) | 450,000 | 450,064 | ||||||
3.350% due 11/01/22 | 305,000 | 305,551 | ||||||
3.813% due 10/12/21 | 200,000 | 202,755 | ||||||
General Motors Financial Co Inc | ||||||||
2.862% (USD LIBOR + 0.850%) | 200,000 | 199,933 | ||||||
3.200% due 07/13/20 | 435,000 | 437,453 | ||||||
4.200% due 11/06/21 | 65,000 | 67,077 | ||||||
Harley-Davidson Financial Services Inc | ||||||||
2.150% due 02/26/20 ~ | 165,000 | 164,711 | ||||||
2.550% due 06/09/22 ~ | 85,000 | 84,955 | ||||||
2.652% (USD LIBOR + 0.500%) | 135,000 | 135,120 | ||||||
3.078% (USD LIBOR + 0.940%) | 270,000 | 270,369 | ||||||
4.050% due 02/04/22 ~ | 340,000 | 350,797 | ||||||
Hyundai Capital America | 235,000 | 236,926 | ||||||
Lennar Corp | 775,000 | 775,930 | ||||||
Nissan Motor Acceptance Corp | ||||||||
2.150% due 09/28/20 ~ | 625,000 | 624,164 | ||||||
2.600% due 09/28/22 ~ | 115,000 | 115,426 | ||||||
3.150% due 03/15/21 ~ | 375,000 | 378,706 | ||||||
O’Reilly Automotive Inc | 240,000 | 249,132 | ||||||
Panasonic Corp (Japan) | 200,000 | 201,350 | ||||||
QVC Inc | 85,000 | 87,906 | ||||||
United Airlines Pass-Through Trust ‘B’ | 90,000 | 90,230 | ||||||
Volkswagen Group of America Finance LLC | ||||||||
2.500% due 09/24/21 ~ | 200,000 | 200,584 | ||||||
2.700% due 09/26/22 ~ | 200,000 | 201,003 | ||||||
3.875% due 11/13/20 ~ | 425,000 | 431,992 | ||||||
|
| |||||||
9,532,588 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 9.3% |
| |||||||
Abbott Laboratories | 545,000 | 555,015 | ||||||
AbbVie Inc | ||||||||
2.300% due 05/14/21 | 295,000 | 295,644 | ||||||
2.900% due 11/06/22 | 375,000 | 382,453 | ||||||
3.200% due 11/06/22 | 45,000 | 46,186 | ||||||
Allergan Finance LLC | 40,000 | 40,880 | ||||||
Allergan Funding SCS | 130,000 | 133,281 | ||||||
Altria Group Inc | ||||||||
3.490% due 02/14/22 | 170,000 | 174,436 | ||||||
3.800% due 02/14/24 | 440,000 | 460,305 | ||||||
AmerisourceBergen Corp | 150,000 | 153,302 | ||||||
Anthem Inc | 245,000 | 245,903 | ||||||
BAT Capital Corp (United Kingdom) | 275,000 | 277,705 | ||||||
Baxalta Inc | 95,000 | 97,542 | ||||||
Bayer US Finance II LLC (Germany) | ||||||||
2.736% (USD LIBOR + 0.630%) | 210,000 | 209,821 | ||||||
3.500% due 06/25/21 ~ | 530,000 | 540,748 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-30
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Becton Dickinson and Co | ||||||||
2.404% due 06/05/20 | $755,000 | $755,876 | ||||||
2.675% due 12/15/19 | 153,000 | 153,052 | ||||||
2.894% due 06/06/22 | 165,000 | 167,575 | ||||||
2.979% (USD LIBOR + 0.875%) | 56,000 | 56,020 | ||||||
3.125% due 11/08/21 | 150,000 | 152,583 | ||||||
Bristol-Myers Squibb Co | ||||||||
2.600% due 05/16/22 ~ | 95,000 | 96,463 | ||||||
2.900% due 07/26/24 ~ | 205,000 | 211,673 | ||||||
Bunge Ltd Finance Corp | ||||||||
3.000% due 09/25/22 | 100,000 | 101,200 | ||||||
3.500% due 11/24/20 | 855,000 | 864,463 | ||||||
4.350% due 03/15/24 | 30,000 | 31,624 | ||||||
Cardinal Health Inc | ||||||||
2.616% due 06/15/22 | 25,000 | 25,136 | ||||||
3.079% due 06/15/24 | 150,000 | 151,958 | ||||||
3.500% due 11/15/24 | 185,000 | 190,522 | ||||||
Celgene Corp | ||||||||
2.750% due 02/15/23 | 155,000 | 157,877 | ||||||
2.875% due 02/19/21 | 165,000 | 166,632 | ||||||
3.250% due 02/20/23 | 45,000 | 46,617 | ||||||
3.550% due 08/15/22 | 405,000 | 420,926 | ||||||
3.625% due 05/15/24 | 40,000 | 42,270 | ||||||
Cigna Corp | ||||||||
2.789% (USD LIBOR + 0.650%) | 110,000 | 110,004 | ||||||
3.400% due 09/17/21 | 185,000 | 189,286 | ||||||
3.750% due 07/15/23 | 160,000 | 167,471 | ||||||
Conagra Brands Inc | 70,000 | 70,015 | ||||||
CVS Health Corp | ||||||||
2.625% due 08/15/24 | 75,000 | 75,343 | ||||||
3.350% due 03/09/21 | 338,000 | 343,588 | ||||||
3.700% due 03/09/23 | 410,000 | 427,008 | ||||||
Elanco Animal Health Inc | ||||||||
3.912% due 08/27/21 | 290,000 | 297,070 | ||||||
4.272% due 08/28/23 | 55,000 | 57,772 | ||||||
EMD Finance LLC (Germany) | 95,000 | 96,164 | ||||||
Equifax Inc | ||||||||
2.300% due 06/01/21 | 255,000 | 255,621 | ||||||
3.028% (USD LIBOR + 0.870%) | 105,000 | 104,982 | ||||||
3.600% due 08/15/21 | 105,000 | 107,036 | ||||||
ERAC USA Finance LLC | 253,000 | 253,018 | ||||||
Express Scripts Holding Co | ||||||||
2.874% (USD LIBOR + 0.750%) | 440,000 | 440,040 | ||||||
3.900% due 02/15/22 | 125,000 | 129,702 | ||||||
Global Payments Inc | 170,000 | 170,932 | ||||||
HPHT Finance 15 Ltd (Hong Kong) | 200,000 | 200,371 | ||||||
Humana Inc | ||||||||
2.900% due 12/15/22 | 40,000 | 40,711 | ||||||
3.150% due 12/01/22 | 105,000 | 107,555 | ||||||
3.850% due 10/01/24 | 15,000 | 15,857 | ||||||
Imperial Brands Finance PLC (United Kingdom) | ||||||||
2.950% due 07/21/20 ~ | 525,000 | 526,987 | ||||||
3.750% due 07/21/22 ~ | 200,000 | 205,968 | ||||||
Keurig Dr Pepper Inc | 255,000 | 260,712 | ||||||
Life Technologies Corp | 670,000 | 689,851 | ||||||
Molson Coors Brewing Co | 450,000 | 449,790 |
Principal Amount | Value | |||||||
Pernod Ricard SA (France) | ||||||||
4.450% due 01/15/22 ~ | $260,000 | $272,864 | ||||||
5.750% due 04/07/21 ~ | 240,000 | 252,619 | ||||||
Perrigo Finance Unlimited Co | 375,000 | 375,131 | ||||||
Takeda Pharmaceutical Co Ltd (Japan) | 400,000 | 414,272 | ||||||
Tyson Foods Inc | 160,000 | 160,229 | ||||||
|
| |||||||
14,673,657 | ||||||||
|
| |||||||
Energy - 5.0% |
| |||||||
Cenovus Energy Inc (Canada) | ||||||||
3.000% due 08/15/22 | 265,000 | 266,802 | ||||||
5.700% due 10/15/19 | 682,692 | 683,442 | ||||||
China Shenhua Overseas Capital Co Ltd (China) | 725,000 | 725,227 | ||||||
Columbia Pipeline Group Inc | 380,000 | 382,180 | ||||||
Diamondback Energy Inc | 385,000 | 395,106 | ||||||
Energy Transfer Operating LP | ||||||||
4.250% due 03/15/23 | 150,000 | 156,843 | ||||||
5.875% due 01/15/24 | 215,000 | 239,220 | ||||||
7.500% due 10/15/20 | 705,000 | 741,059 | ||||||
Eni SPA (Italy) | 270,000 | 286,035 | ||||||
Enterprise Products Operating LLC | 95,000 | 98,130 | ||||||
EQT Corp | 435,000 | 434,085 | ||||||
Marathon Oil Corp | ||||||||
2.700% due 06/01/20 | 445,000 | 445,919 | ||||||
2.800% due 11/01/22 | 320,000 | 322,106 | ||||||
MPLX LP | ||||||||
3.002% (USD LIBOR + 0.900%) | 60,000 | 60,208 | ||||||
3.202% (USD LIBOR + 1.100%) | 180,000 | 180,593 | ||||||
Occidental Petroleum Corp | ||||||||
2.600% due 08/13/21 | 215,000 | 216,471 | ||||||
2.700% due 08/15/22 | 200,000 | 201,833 | ||||||
Phillips 66 | 165,000 | 165,009 | ||||||
Plains All American Pipeline LP | ||||||||
2.600% due 12/15/19 | 96,000 | 96,013 | ||||||
5.000% due 02/01/21 | 120,000 | 123,131 | ||||||
5.750% due 01/15/20 | 470,000 | 474,358 | ||||||
Sabine Pass Liquefaction LLC | 615,000 | 635,454 | ||||||
Saudi Arabian Oil Co (Saudi Arabia) | 235,000 | 237,078 | ||||||
Schlumberger Holdings Corp | 210,000 | 221,323 | ||||||
The Williams Cos Inc | 120,000 | 122,729 | ||||||
|
| |||||||
7,910,354 | ||||||||
|
| |||||||
Financial - 16.9% |
| |||||||
AerCap Ireland Capital DAC (Ireland) | ||||||||
3.950% due 02/01/22 | 400,000 | 413,303 | ||||||
4.450% due 12/16/21 | 220,000 | 228,827 | ||||||
4.625% due 10/30/20 | 430,000 | 440,247 | ||||||
AIG Global Funding | 100,000 | 101,930 | ||||||
Air Lease Corp | ||||||||
2.250% due 01/15/23 | 175,000 | 173,777 | ||||||
2.500% due 03/01/21 | 70,000 | 70,224 | ||||||
3.500% due 01/15/22 | 90,000 | 92,341 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-31
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
American Campus Communities Operating | $240,000 | $242,619 | ||||||
American Express Co | 365,000 | 369,790 | ||||||
American International Group Inc | ||||||||
4.875% due 06/01/22 | 165,000 | 176,366 | ||||||
6.400% due 12/15/20 | 365,000 | 383,752 | ||||||
Aon PLC | 550,000 | 554,229 | ||||||
Avolon Holdings Funding Ltd (Ireland) | ||||||||
3.625% due 05/01/22 ~ | 335,000 | 339,908 | ||||||
3.950% due 07/01/24 ~ | 65,000 | 66,752 | ||||||
Banco de Credito del Peru (Peru) | 200,000 | 200,468 | ||||||
Banco Santander Chile (Chile) | 445,000 | 448,070 | ||||||
Bank of America Corp | ||||||||
2.503% due 10/21/22 | 95,000 | 95,724 | ||||||
2.639% (USD LIBOR + 0.380%) | 660,000 | 660,046 | ||||||
2.756% (USD LIBOR + 0.650%) | 405,000 | 406,537 | ||||||
3.438% (USD LIBOR + 1.160%) | 295,000 | 298,676 | ||||||
BPCE SA (France) | 250,000 | 253,139 | ||||||
Brixmor Operating Partnership LP REIT | 35,000 | 36,389 | ||||||
Capital One Financial Corp | ||||||||
2.400% due 10/30/20 | 455,000 | 456,368 | ||||||
3.900% due 01/29/24 | 170,000 | 179,739 | ||||||
Capital One NA | 260,000 | 259,890 | ||||||
Citibank NA | 305,000 | 308,195 | ||||||
Citigroup Inc | ||||||||
2.700% due 03/30/21 | 245,000 | 247,446 | ||||||
2.900% due 12/08/21 | 485,000 | 492,473 | ||||||
Citizens Bank NA | ||||||||
2.250% due 10/30/20 | 250,000 | 250,572 | ||||||
3.250% due 02/14/22 | 305,000 | 312,533 | ||||||
Cooperatieve Rabobank UA (Netherlands) | 375,000 | 390,836 | ||||||
Crown Castle International Corp REIT | ||||||||
2.250% due 09/01/21 | 255,000 | 255,274 | ||||||
3.400% due 02/15/21 | 285,000 | 288,977 | ||||||
Danske Bank AS (Denmark) | ||||||||
2.200% due 03/02/20 ~ | 480,000 | 479,834 | ||||||
3.001% due 09/20/22 ~ | 255,000 | 255,998 | ||||||
Deutsche Bank AG (Germany) | ||||||||
3.375% due 05/12/21 | 160,000 | 159,584 | ||||||
3.577% (USD LIBOR + 1.290%) | 250,000 | 248,286 | ||||||
Discover Bank | ||||||||
3.100% due 06/04/20 | 635,000 | 638,504 | ||||||
7.000% due 04/15/20 | 810,000 | 830,061 | ||||||
First Niagara Financial Group Inc | 120,000 | 132,260 | ||||||
GE Capital International Funding Co Unlimited Co | 1,110,000 | 1,107,596 | ||||||
Highwoods Realty LP REIT | 175,000 | 181,290 | ||||||
HSBC Bank USA NA | 475,000 | 486,673 | ||||||
HSBC Holdings PLC (United Kingdom) | 200,000 | 200,229 |
Principal Amount | Value | |||||||
ING Groep NV (Netherlands) | $205,000 | $207,682 | ||||||
iStar Inc REIT | 450,000 | 455,344 | ||||||
JPMorgan Chase & Co | 490,000 | 490,681 | ||||||
KeyBank NA | 420,000 | 432,123 | ||||||
Marsh & McLennan Cos Inc | ||||||||
3.500% due 12/29/20 | 240,000 | 243,893 | ||||||
3.875% due 03/15/24 | 190,000 | 202,674 | ||||||
Morgan Stanley | ||||||||
2.731% (USD LIBOR + 0.550%) | 310,000 | 310,296 | ||||||
2.750% due 05/19/22 | 245,000 | 248,613 | ||||||
5.500% due 07/24/20 | 125,000 | 128,419 | ||||||
Nordea Bank Abp (Finland) | 200,000 | 207,018 | ||||||
Park Aerospace Holdings Ltd (Ireland) | ||||||||
3.625% due 03/15/21 ~ | 230,000 | 232,254 | ||||||
5.250% due 08/15/22 ~ | 190,000 | 200,716 | ||||||
Regions Bank | 535,000 | 534,409 | ||||||
Reinsurance Group of America Inc | ||||||||
5.000% due 06/01/21 | 35,000 | 36,585 | ||||||
6.450% due 11/15/19 | 677,000 | 680,006 | ||||||
Santander UK Group Holdings PLC | 405,000 | 406,651 | ||||||
Santander UK PLC (United Kingdom) | 385,000 | 384,856 | ||||||
SBA Tower Trust REIT | ||||||||
2.836% due 01/15/50 ~ | 405,000 | 406,119 | ||||||
3.168% due 04/09/47 ~ | 285,000 | 288,015 | ||||||
3.448% due 03/15/48 ~ | 210,000 | 216,392 | ||||||
Service Properties Trust REIT | 260,000 | 263,415 | ||||||
Standard Chartered PLC (United Kingdom) | 200,000 | 200,289 | ||||||
SunTrust Bank | 230,000 | 234,370 | ||||||
Swedbank AB (Sweden) | 480,000 | 482,347 | ||||||
Synchrony Financial | ||||||||
2.700% due 02/03/20 | 1,095,000 | 1,096,315 | ||||||
2.850% due 07/25/22 | 380,000 | 383,500 | ||||||
The Goldman Sachs Group Inc |
| |||||||
2.875% due 02/25/21 | 105,000 | 105,960 | ||||||
3.000% due 04/26/22 | 85,000 | 85,963 | ||||||
3.036% (USD LIBOR + 0.780%) | 100,000 | 100,319 | ||||||
3.377% (USD LIBOR + 1.110%) | 295,000 | 297,598 | ||||||
5.750% due 01/24/22 | 260,000 | 280,222 | ||||||
Trinity Acquisition PLC | 115,000 | 117,078 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | ||||||||
3.000% due 04/15/21 ~ | 680,000 | 688,341 | ||||||
3.368% (USD LIBOR + 1.220%) | 255,000 | 258,063 | ||||||
US Bank NA | 275,000 | 275,522 | ||||||
Ventas Realty LP REIT | 60,000 | 61,590 | ||||||
Wells Fargo & Co | 23,000 | 23,129 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-32
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Wells Fargo Bank NA | ||||||||
2.082% due 09/09/22 | $250,000 | $249,475 | ||||||
3.325% due 07/23/21 | 580,000 | 585,341 | ||||||
Willis Towers Watson PLC | 470,000 | 492,814 | ||||||
|
| |||||||
26,810,129 | ||||||||
|
| |||||||
Industrial - 5.6% |
| |||||||
Avnet Inc | 197,000 | 201,118 | ||||||
Boral Finance PTY Ltd (Australia) | 35,000 | 35,129 | ||||||
CNH Industrial Capital LLC | ||||||||
3.875% due 10/15/21 | 475,000 | 488,499 | ||||||
4.375% due 11/06/20 | 480,000 | 489,696 | ||||||
DAE Funding LLC (United Arab Emirates) | ||||||||
4.000% due 08/01/20 ~ | 210,000 | 211,837 | ||||||
5.250% due 11/15/21 ~ | 220,000 | 229,350 | ||||||
Eagle Materials Inc | 50,000 | 51,723 | ||||||
Eastern Creation II Investment Holdings Ltd (China) | 400,000 | 400,424 | ||||||
GATX Corp | 235,000 | 235,249 | ||||||
General Electric Co | ||||||||
2.700% due 10/09/22 | 245,000 | 245,723 | ||||||
3.150% due 09/07/22 | 50,000 | 50,823 | ||||||
4.650% due 10/17/21 | 80,000 | 83,230 | ||||||
5.300% due 02/11/21 | 30,000 | 31,004 | ||||||
Jabil Inc | 115,000 | 119,135 | ||||||
Kansas City Southern | 400,000 | 400,181 | ||||||
Keysight Technologies Inc | 880,000 | 880,182 | ||||||
L3Harris Technologies Inc | 410,000 | 410,861 | ||||||
Martin Marietta Materials Inc | ||||||||
2.656% (USD LIBOR + 0.500%) | 150,000 | 150,030 | ||||||
2.800% (USD LIBOR + 0.650%) | 220,000 | 220,329 | ||||||
Northrop Grumman Corp | 165,000 | 167,356 | ||||||
Penske Truck Leasing Co LP | ||||||||
3.050% due 01/09/20 ~ | 865,000 | 866,083 | ||||||
3.200% due 07/15/20 ~ | 50,000 | 50,303 | ||||||
3.300% due 04/01/21 ~ | 325,000 | 329,456 | ||||||
3.650% due 07/29/21 ~ | 115,000 | 117,695 | ||||||
Republic Services Inc | 185,000 | 187,248 | ||||||
Roper Technologies Inc | ||||||||
2.350% due 09/15/24 | 80,000 | 80,116 | ||||||
3.000% due 12/15/20 | 315,000 | 317,854 | ||||||
3.125% due 11/15/22 | 310,000 | 318,470 | ||||||
3.650% due 09/15/23 | 95,000 | 99,799 | ||||||
SMBC Aviation Capital Finance DAC (Ireland) | 265,000 | 278,729 | ||||||
United Technologies Corp | 125,000 | 125,012 | ||||||
Vulcan Materials Co | ||||||||
2.719% (USD LIBOR + 0.600%) | 640,000 | 640,438 | ||||||
2.782% (USD LIBOR + 0.650%) | 390,000 | 390,433 | ||||||
|
| |||||||
8,903,515 | ||||||||
|
|
Principal Amount | Value | |||||||
Technology - 2.6% |
| |||||||
Apple Inc | $165,000 | $167,739 | ||||||
Broadcom Corp | ||||||||
2.375% due 01/15/20 | 615,000 | 615,006 | ||||||
3.000% due 01/15/22 | 415,000 | 419,169 | ||||||
DXC Technology Co | 368,000 | 367,892 | ||||||
Fidelity National Information Services Inc | 250,000 | 250,409 | ||||||
Fiserv Inc | 380,000 | 386,920 | ||||||
Hewlett Packard Enterprise Co | 155,000 | 154,998 | ||||||
International Business Machines Corp | 320,000 | 327,139 | ||||||
Microchip Technology Inc | 315,000 | 321,851 | ||||||
NXP BV (Netherlands) | ||||||||
4.125% due 06/01/21 ~ | 200,000 | 205,282 | ||||||
4.625% due 06/01/23 ~ | 200,000 | 213,255 | ||||||
Xerox Corp | 675,000 | 681,750 | ||||||
|
| |||||||
4,111,410 | ||||||||
|
| |||||||
Utilities - 3.2% |
| |||||||
American Electric Power Co Inc | 50,000 | 51,596 | ||||||
CenterPoint Energy Inc | 75,000 | 77,013 | ||||||
Dominion Energy Inc | 260,000 | 260,620 | ||||||
Edison International | 395,000 | 394,269 | ||||||
EDP Finance BV (Portugal) | 375,000 | 375,000 | ||||||
Enel Finance International NV (Italy) | ||||||||
2.875% due 05/25/22 ~ | 320,000 | 324,357 | ||||||
4.250% due 09/14/23 ~ | 205,000 | 217,876 | ||||||
ENN Energy Holdings Ltd (China) | 200,000 | 200,055 | ||||||
Exelon Generation Co LLC | ||||||||
2.950% due 01/15/20 | 575,000 | 575,814 | ||||||
4.000% due 10/01/20 | 219,000 | 221,744 | ||||||
FirstEnergy Corp | 240,000 | 243,736 | ||||||
NextEra Energy Capital Holdings Inc | 210,000 | 210,065 | ||||||
NRG Energy Inc | 130,000 | 133,898 | ||||||
San Diego Gas & Electric Co | 69,644 | 68,294 | ||||||
Sempra Energy | ||||||||
1.625% due 10/07/19 | 265,000 | 264,976 | ||||||
2.803% (USD LIBOR + 0.500%) | 145,000 | 144,883 | ||||||
2.850% due 11/15/20 | 410,000 | 412,645 | ||||||
2.875% due 10/01/22 | 25,000 | 25,314 | ||||||
State Grid Overseas Investment Ltd (China) | 615,000 | 614,783 | ||||||
Vistra Operations Co LLC | 190,000 | 191,487 | ||||||
|
| |||||||
5,008,425 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 84,035,245 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-33
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
MORTGAGE-BACKED SECURITIES - 17.8% | ||||||||
Collateralized Mortgage Obligations - Commercial - 3.1% |
| |||||||
BAMLL Commercial Mortgage Securities Trust | ||||||||
2.878% (USD LIBOR + 0.850%) | $600,000 | $599,265 | ||||||
3.490% due 04/14/33 ~ | 130,000 | 136,727 | ||||||
Banc of America Commercial Mortgage Trust | 56,018 | 55,862 | ||||||
Bank 2019-BNK19 | 113,660 | 114,457 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
1.637% due 06/10/48 | 8,658 | 8,651 | ||||||
1.643% due 09/10/58 | 14,536 | 14,487 | ||||||
CLNS Trust | 395,000 | 394,358 | ||||||
3.050% (USD LIBOR + 1.000%) | 200,000 | 199,806 | ||||||
Commercial Mortgage Trust | ||||||||
1.443% due 08/10/49 | 39,378 | 39,104 | ||||||
1.770% due 02/10/49 | 3,391 | 3,379 | ||||||
1.965% due 02/10/50 | 54,459 | 54,379 | ||||||
3.221% due 10/10/48 | 200,000 | 201,367 | ||||||
Credit Suisse Mortgage Capital Certificates Trust | 210,000 | 210,521 | ||||||
CSAIL Commercial Mortgage Trust | ||||||||
2.025% due 09/15/50 | 130,736 | 130,416 | ||||||
2.360% due 06/15/52 | 149,832 | 150,945 | ||||||
Great Wolf Trust | ||||||||
2.878% (USD LIBOR + 0.850%) | 76,000 | 76,048 | ||||||
3.348% (USD LIBOR + 1.320%) | 250,000 | 250,176 | ||||||
GS Mortgage Securities Corp Trust | ||||||||
2.978% (USD LIBOR + 0.950%) | 165,000 | 165,162 | ||||||
4.028% (USD LIBOR + 2.000%) | 100,000 | 100,249 | ||||||
GS Mortgage Securities Trust | ||||||||
1.429% due 10/10/49 | 29,177 | 29,038 | ||||||
1.593% due 07/10/48 | 7,002 | 6,993 | ||||||
InTown Hotel Portfolio Trust | ||||||||
2.728% (USD LIBOR + 0.700%) | 100,000 | 99,922 | ||||||
3.278% (USD LIBOR + 1.250%) | 100,000 | 100,022 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
3.400% (USD LIBOR + 1.350%) | 380,000 | 380,974 | ||||||
3.650% (USD LIBOR + 1.600%) | 120,000 | 120,304 | ||||||
JPMBB Commercial Mortgage Securities Trust | 9,386 | 9,332 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
1.597% due 05/15/49 | 8,122 | 8,089 | ||||||
1.706% due 05/15/48 | 46,024 | 45,872 | ||||||
4.110% due 10/15/47 § | 95,000 | 102,341 | ||||||
Morgan Stanley Capital I Trust | 37,767 | 37,648 | ||||||
New Orleans Hotel Trust | 385,000 | 385,327 | ||||||
RETL RVP ‘A’ | 83,809 | 83,954 | ||||||
SLIDE Fund Trust | 126,510 | 127,265 |
Principal Amount | Value | |||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
1.441% due 10/15/49 | $3,486 | $3,480 | ||||||
1.577% due 01/15/59 | 19,059 | 18,977 | ||||||
1.968% due 07/15/50 | 104,820 | 104,715 | ||||||
1.975% due 09/15/50 | 102,882 | 102,659 | ||||||
WFRBS Commercial Mortgage Trust | 195,000 | 204,861 | ||||||
|
| |||||||
4,877,132 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 8.8% |
| |||||||
COLT Mortgage Loan Trust | ||||||||
2.764% due 08/25/49 § ~ | 380,110 | 382,999 | ||||||
2.930% due 02/25/48 § ~ | 34,330 | 34,397 | ||||||
3.084% due 02/25/48 § ~ | 28,611 | 28,668 | ||||||
3.337% due 05/25/49 § ~ | 159,264 | 162,201 | ||||||
3.470% due 07/27/48 § ~ | 137,887 | 138,702 | ||||||
3.542% due 07/27/48 § ~ | 67,272 | 67,679 | ||||||
4.006% due 12/28/48 § ~ | 250,586 | 254,128 | ||||||
4.108% due 12/28/48 § ~ | 243,626 | 247,473 | ||||||
Connecticut Avenue Securities Trust | ||||||||
2.768% (USD LIBOR + 0.750%) | 137,374 | 137,461 | ||||||
2.768% (USD LIBOR + 0.750%) | 166,927 | 167,155 | ||||||
2.768% (USD LIBOR + 0.750%) | 252,080 | 252,429 | ||||||
Deephaven Residential Mortgage Trust | ||||||||
2.577% due 10/25/47 § ~ | 116,665 | 116,600 | ||||||
2.711% due 10/25/47 § ~ | 30,701 | 30,690 | ||||||
2.813% due 10/25/47 § ~ | 30,701 | 30,688 | ||||||
2.964% due 07/25/59 § ~ | 301,347 | 303,434 | ||||||
2.976% due 12/25/57 § ~ | 85,602 | 85,707 | ||||||
3.479% due 04/25/58 § ~ | 131,039 | 132,287 | ||||||
3.485% due 12/26/46 § ~ | 18,124 | 18,156 | ||||||
3.763% due 04/25/59 § ~ | 168,470 | 170,186 | ||||||
3.921% due 04/25/59 § ~ | 100,000 | 101,799 | ||||||
3.963% due 08/25/58 § ~ | 60,049 | 60,479 | ||||||
4.080% due 10/25/58 § ~ | 478,651 | 484,672 | ||||||
Fannie Mae Connecticut Avenue Securities | ||||||||
2.698% (USD LIBOR + 0.680%) | 145,659 | 145,720 | ||||||
2.738% (USD LIBOR + 0.720%) | 71,694 | 71,741 | ||||||
2.768% (USD LIBOR + 0.750%) | 81,282 | 81,296 | ||||||
2.768% (USD LIBOR + 0.750%) | 18,314 | 18,316 | ||||||
2.868% (USD LIBOR + 0.850%) | 106,878 | 106,952 | ||||||
3.368% (USD LIBOR + 1.350%) | 150,000 | 150,270 | ||||||
Fannie Mae REMICS | ||||||||
3.000% due 11/25/47 | 309,274 | 322,864 | ||||||
4.000% due 06/25/44 | 30,913 | 32,122 | ||||||
Flagstar Mortgage Trust | 445,368 | 465,087 | ||||||
Freddie Mac REMICS | 202,343 | 203,104 | ||||||
Freddie Mac STACR Trust | ||||||||
2.748% (USD LIBOR + 0.730%) | 158,391 | 158,502 | ||||||
3.418% (USD LIBOR + 1.400%) | 135,000 | 135,177 | ||||||
Freddie Mac Structured Agency Credit Risk Debt | ||||||||
2.568% (USD LIBOR + 0.550%) | 31,439 | 31,437 | ||||||
2.768% (USD LIBOR + 0.750%) | 175,063 | 175,139 | ||||||
2.818% (USD LIBOR + 0.800%) | 97,838 | 97,884 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-34
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
3.218% (USD LIBOR + 1.200%) | $84,247 | $84,387 | ||||||
3.817% due 05/25/48 § ~ | 58,225 | 58,382 | ||||||
3.980% due 09/25/47 § ~ | 16,633 | 16,722 | ||||||
4.160% due 08/25/48 § ~ | 48,976 | 49,352 | ||||||
4.218% (USD LIBOR + 2.200%) | 399,237 | 404,636 | ||||||
4.459% due 11/25/48 § ~ | 202,777 | 202,624 | ||||||
Freddie Mac Whole Loan Securities Trust | 49,844 | 50,283 | ||||||
Galton Funding Mortgage Trust | ||||||||
3.500% due 11/25/57 § ~ | 145,411 | 147,033 | ||||||
4.000% due 02/25/59 § ~ | 209,203 | 212,158 | ||||||
Government National Mortgage Association | 36,776 | 36,677 | ||||||
GS Mortgage-Backed Securities Trust | 23,245 | 23,228 | ||||||
Homeward Opportunities Fund I Trust | ||||||||
3.454% due 01/25/59 § ~ | 294,697 | 297,717 | ||||||
3.606% due 01/25/59 § ~ | 202,078 | 204,141 | ||||||
3.766% due 06/25/48 § ~ | 114,025 | 115,446 | ||||||
3.897% due 06/25/48 § ~ | 93,293 | 94,494 | ||||||
Metlife Securitization Trust | 119,607 | 121,232 | ||||||
New Residential Mortgage Loan Trust | ||||||||
2.802% due 07/25/49 § ~ | 268,252 | 269,145 | ||||||
3.086% due 07/25/49 § ~ | 110,175 | 110,540 | ||||||
3.675% due 01/25/49 § ~ | 463,764 | 472,334 | ||||||
3.986% due 11/25/48 § ~ | 186,340 | 189,575 | ||||||
OBX 2019-EXP2 Trust | ||||||||
2.918% (USD LIBOR + 0.900%) | 197,355 | 197,973 | ||||||
3.218% (USD LIBOR + 1.200%) | 307,414 | 308,420 | ||||||
Sequoia Mortgage Trust | ||||||||
3.500% due 02/25/48 § ~ | 222,394 | 227,397 | ||||||
4.000% due 06/25/48 § ~ | 231,029 | 236,097 | ||||||
4.000% due 08/25/48 § ~ | 368,571 | 375,876 | ||||||
4.500% due 08/25/48 § ~ | 61,429 | 63,749 | ||||||
STACR Trust | ||||||||
2.818% (USD LIBOR + 0.800%) | 269,298 | 269,640 | ||||||
2.868% (USD LIBOR + 0.850%) | 200,658 | 200,710 | ||||||
3.268% (USD LIBOR + 1.250%) | 215,000 | 215,699 | ||||||
Starwood Mortgage Residential Trust | ||||||||
2.941% due 06/25/49 § ~ | 234,277 | 235,346 | ||||||
3.299% due 06/25/49 § ~ | 162,559 | 163,298 | ||||||
3.468% due 02/25/49 § ~ | 104,996 | 106,328 | ||||||
4.121% due 10/25/48 § ~ | 550,439 | 562,875 | ||||||
Verus Securitization Trust | ||||||||
2.913% due 07/25/59 § ~ | 365,990 | 367,884 | ||||||
2.929% due 02/25/48 § ~ | 43,337 | 43,443 | ||||||
3.117% due 07/25/59 § ~ | 224,474 | 225,633 | ||||||
3.211% due 04/25/59 § ~ | 214,701 | 216,146 | ||||||
3.402% due 12/25/59 § ~ | 109,393 | 110,570 | ||||||
3.677% due 06/01/58 § ~ | 141,733 | 142,829 | ||||||
3.779% due 06/01/58 § ~ | 61,623 | 62,098 | ||||||
3.830% due 06/01/58 § ~ | 61,623 | 62,098 | ||||||
3.836% due 02/25/59 § ~ | 395,578 | 400,430 | ||||||
4.148% due 10/25/58 § ~ | 434,314 | 444,224 | ||||||
|
| |||||||
14,002,470 | ||||||||
|
| |||||||
Fannie Mae - 3.9% |
| |||||||
3.000% due 11/01/29 - 02/01/33 | 234,354 | 240,990 | ||||||
3.500% due 06/01/29 - 11/01/47 | 1,502,698 | 1,561,310 | ||||||
4.000% due 06/01/33 - 08/01/49 | 637,771 | 664,900 | ||||||
4.500% due 04/01/26 - 11/01/49 | 1,584,289 | 1,682,067 |
Principal Amount | Value | |||||||
5.000% due 01/01/20 - 02/01/49 | $920,519 | $1,002,492 | ||||||
5.500% due 10/01/35 - 02/01/42 | 419,430 | 474,225 | ||||||
6.000% due 11/01/35 - 02/01/49 | 430,822 | 496,119 | ||||||
|
| |||||||
6,122,103 | ||||||||
|
| |||||||
Freddie Mac - 0.1% |
| |||||||
5.500% due 12/01/39 | 24,304 | 27,444 | ||||||
7.000% due 03/01/39 | 39,272 | 46,779 | ||||||
7.500% due 06/01/38 | 44,168 | 52,596 | ||||||
|
| |||||||
126,819 | ||||||||
|
| |||||||
Government National Mortgage Association - 1.9% |
| |||||||
4.000% due 04/20/49 | 167,840 | 174,645 | ||||||
4.500% due 06/20/48 - 11/20/49 | 665,088 | 696,296 | ||||||
5.000% due 01/20/48 - 06/20/49 | 1,719,989 | 1,827,429 | ||||||
5.500% due 09/15/45 | 210,586 | 238,535 | ||||||
6.000% due 07/15/36 | 105,796 | 121,444 | ||||||
|
| |||||||
3,058,349 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 28,186,873 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 15.6% |
| |||||||
Allegro CLO Ltd (Cayman) | 310,000 | 309,597 | ||||||
Ally Auto Receivables Trust | ||||||||
2.460% due 09/15/22 | 40,000 | 40,132 | ||||||
2.930% due 11/15/23 | 70,000 | 70,457 | ||||||
Ally Master Owner Trust | 105,000 | 107,166 | ||||||
American Express Credit Account Master Trust | 865,000 | 887,521 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.530% due 07/08/21 | 4,127 | 4,126 | ||||||
2.690% due 06/19/23 | 110,000 | 110,932 | ||||||
2.710% due 08/18/22 | 100,000 | 100,785 | ||||||
2.710% due 09/08/22 | 315,000 | 317,050 | ||||||
2.740% due 12/08/22 | 535,000 | 538,069 | ||||||
3.000% due 06/08/21 | 102,502 | 102,524 | ||||||
3.080% due 12/18/23 | 522,000 | 532,323 | ||||||
3.340% due 08/08/21 | 135,000 | 135,430 | ||||||
3.820% due 03/18/24 | 860,000 | 893,138 | ||||||
Applebee’s Funding LLC | 150,000 | 153,616 | ||||||
ARI Fleet Lease Trust | ||||||||
1.910% due 04/15/26 ~ | 24,370 | 24,326 | ||||||
2.550% due 10/15/26 ~ | 422,059 | 422,781 | ||||||
Ascentium Equipment Receivables Trust | ||||||||
2.290% due 06/10/21 ~ | 54,606 | 54,625 | ||||||
2.920% due 12/10/20 ~ | 30,356 | 30,402 | ||||||
Avis Budget Rental Car Funding AESOP LLC | ||||||||
2.500% due 02/20/21 ~ | 200,000 | 200,083 | ||||||
2.500% due 07/20/21 ~ | 275,000 | 275,246 | ||||||
2.720% due 11/20/22 ~ | 535,000 | 539,671 | ||||||
3.700% due 03/20/23 ~ | 100,000 | 102,329 | ||||||
4.530% due 03/20/23 ~ | 130,000 | 134,023 | ||||||
Bayview Mortgage Fund Trust | 164,834 | 168,047 | ||||||
Bayview Opportunity Master Fund Trust | 100,574 | 102,526 | ||||||
BlueMountain CLO Ltd (Cayman) | 270,000 | 270,168 | ||||||
BRE Grand Islander Timeshare Issuer LLC | 90,086 | 91,841 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.630% due 01/20/21 | 2,244 | 2,246 | ||||||
2.700% due 09/20/22 ~ | 65,000 | 65,630 | ||||||
3.360% due 11/21/22 ~ | 160,000 | 161,933 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-35
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
3.480% due 10/20/23 ~ | $60,000 | $60,825 | ||||||
3.690% due 12/20/23 ~ | 80,000 | 81,218 | ||||||
CarMax Auto Owner Trust | ||||||||
3.000% due 05/16/22 | 515,000 | 515,222 | ||||||
3.270% due 03/15/22 | 155,000 | 155,183 | ||||||
CBAM Ltd (Cayman) | 760,000 | 758,880 | ||||||
Chrysler Capital Auto Receivables Trust | 2,809 | 2,809 | ||||||
CNH Equipment Trust | ||||||||
1.930% due 03/15/24 | 315,000 | 313,498 | ||||||
2.400% due 02/15/23 | 265,000 | 264,976 | ||||||
3.010% due 04/15/24 | 195,000 | 199,217 | ||||||
Cole Park CLO Ltd (Cayman) | 435,000 | 435,439 | ||||||
Driven Brands Funding LLC | 418,688 | 431,384 | ||||||
Elara HGV Timeshare Issuer LLC | ||||||||
2.530% due 02/25/27 ~ | 32,001 | 31,991 | ||||||
2.690% due 03/25/30 ~ | 60,056 | 60,559 | ||||||
Enterprise Fleet Financing LLC | ||||||||
2.040% due 02/22/22 ~ | 278,034 | 277,854 | ||||||
3.140% due 02/20/24 ~ | 122,830 | 123,766 | ||||||
Ford Credit Auto Owner Trust | ||||||||
2.030% due 12/15/27 ~ | 350,000 | 349,938 | ||||||
3.520% due 07/15/30 ~ | 545,000 | 577,030 | ||||||
GM Financial Automobile Leasing Trust | ||||||||
3.110% due 12/20/21 | 105,000 | 105,643 | ||||||
3.370% due 10/20/22 | 245,000 | 246,612 | ||||||
3.500% due 04/20/22 | 80,000 | 80,966 | ||||||
3.560% due 12/20/22 | 275,000 | 280,378 | ||||||
GM Financial Consumer Automobile Trust | 100,000 | 100,151 | ||||||
GMF Floorplan Owner Revolving Trust | ||||||||
2.630% due 07/15/22 ~ | 190,000 | 190,168 | ||||||
2.700% due 04/15/24 ~ | 170,000 | 172,736 | ||||||
3.500% due 09/15/23 ~ | 220,000 | 225,889 | ||||||
GreatAmerica Leasing Receivables Funding LLC | ||||||||
2.060% due 06/22/20 ~ | 15,971 | 15,966 | ||||||
2.600% due 06/15/21 ~ | 95,000 | 95,226 | ||||||
Hardee’s Funding LLC | 133,686 | 135,775 | ||||||
Hilton Grand Vacations Trust | ||||||||
1.770% due 11/25/26 ~ | 47,617 | 47,436 | ||||||
2.660% due 12/26/28 ~ | 46,200 | 46,342 | ||||||
2.960% due 12/26/28 ~ | 46,200 | 46,308 | ||||||
Hyundai Auto Receivables Trust | ||||||||
2.380% due 04/17/23 | 395,000 | 396,565 | ||||||
2.940% due 05/15/25 | 165,000 | 168,550 | ||||||
Madison Park Funding Ltd (Cayman) | ||||||||
3.468% (USD LIBOR + 1.190%) | 500,000 | 500,125 | ||||||
3.603% (USD LIBOR + 1.300%) | 250,000 | 250,342 | ||||||
Mill City Mortgage Loan Trust | 40,396 | 40,559 | ||||||
MMAF Equipment Finance LLC | ||||||||
2.040% due 02/16/22 ~ | 63,602 | 63,552 | ||||||
3.200% due 09/12/22 ~ | 210,000 | 212,904 | ||||||
MVW Owner Trust | ||||||||
2.150% due 04/22/30 ~ | 13,609 | 13,585 | ||||||
2.420% due 12/20/34 ~ | 49,410 | 49,516 | ||||||
Navient Private Education Refi Loan Trust | ||||||||
2.530% due 02/18/42 ~ | 100,915 | 101,007 | ||||||
2.820% due 02/15/68 ~ | 329,652 | 333,031 | ||||||
Neuberger Berman CLO Ltd (Cayman) | 250,000 | 249,874 |
Principal Amount | Value | |||||||
OCP CLO Ltd (Cayman) | ||||||||
3.087% (USD LIBOR + 0.820%) | $360,000 | $359,447 | ||||||
3.398% (USD LIBOR + 1.120%) | 415,000 | 412,498 | ||||||
OZLM VIII Ltd (Cayman) | 250,000 | 249,667 | ||||||
Planet Fitness Master Issuer LLC | 198,000 | 202,941 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.460% due 03/15/22 | 86,170 | 86,199 | ||||||
2.580% due 05/16/22 | 21,779 | 21,800 | ||||||
2.960% due 03/15/24 | 960,000 | 965,386 | ||||||
3.210% due 09/15/23 | 210,000 | 212,501 | ||||||
3.270% due 01/17/23 | 110,000 | 110,683 | ||||||
3.490% due 05/17/21 | 103,246 | 103,365 | ||||||
3.520% due 12/15/22 | 125,000 | 125,934 | ||||||
3.530% due 08/16/21 | 87,232 | 87,524 | ||||||
3.650% due 12/15/21 | 89,004 | 89,296 | ||||||
4.020% due 04/15/22 | 105,000 | 106,125 | ||||||
Santander Retail Auto Lease Trust | ||||||||
2.960% due 11/21/22 ~ | 85,000 | 85,421 | ||||||
3.010% due 05/22/23 ~ | 180,000 | 182,713 | ||||||
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~ | 688,861 | 695,941 | ||||||
Sierra Timeshare Receivables Funding LLC | ||||||||
2.330% due 07/20/33 ~ | 18,284 | 18,245 | ||||||
2.400% due 03/22/32 ~ | 27,012 | 27,003 | ||||||
2.430% due 10/20/33 ~ | 48,973 | 48,912 | ||||||
2.580% due 09/20/32 ~ | 165,419 | 165,520 | ||||||
3.080% due 03/21/33 ~ | 140,364 | 141,274 | ||||||
SLM Student Loan Trust | ||||||||
2.418% (USD LIBOR + 0.400%) | 114,183 | 110,858 | ||||||
3.776% (USD LIBOR + 1.500%) | 21,352 | 21,490 | ||||||
3.976% (USD LIBOR + 1.700%) | 33,354 | 33,693 | ||||||
SMB Private Education Loan Trust | ||||||||
3.028% (USD LIBOR + 1.000%) | 66,433 | 66,677 | ||||||
3.050% due 05/15/26 ~ | 61,374 | 61,787 | ||||||
3.178% (USD LIBOR + 1.150%) | 130,420 | 131,068 | ||||||
3.528% (USD LIBOR + 1.500%) | 225,000 | 227,938 | ||||||
Synchrony Card Funding LLC | 430,000 | 434,079 | ||||||
Synchrony Credit Card Master Note Trust | ||||||||
2.620% due 09/15/23 | 85,000 | 85,147 | ||||||
3.360% due 03/15/24 | 780,000 | 786,359 | ||||||
Towd Point Mortgage Trust | ||||||||
2.250% due 07/25/56 § ~ | 46,987 | 46,825 | ||||||
2.750% due 02/25/55 § ~ | 29,820 | 29,942 | ||||||
2.750% due 04/25/55 § ~ | 49,142 | 49,239 | ||||||
2.750% due 05/25/55 § ~ | 48,993 | 49,286 | ||||||
2.750% due 08/25/55 § ~ | 44,096 | 44,303 | ||||||
2.750% due 10/25/56 § ~ | 55,351 | 55,994 | ||||||
2.750% due 04/25/57 § ~ | 117,937 | 118,978 | ||||||
3.000% due 01/25/58 § ~ | 84,481 | 85,780 | ||||||
3.750% due 05/25/58 § ~ | 110,761 | 115,487 | ||||||
Toyota Auto Receivables Owner Trust | 1,085,000 | 1,119,719 | ||||||
Verizon Owner Trust | ||||||||
2.360% due 05/20/21 ~ | 125,000 | 124,994 | ||||||
2.530% due 04/20/22 ~ | 120,000 | 120,493 | ||||||
2.650% due 09/20/21 ~ | 100,000 | 100,297 | ||||||
Volvo Financial Equipment LLC | 265,000 | 267,439 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-36
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
World Omni Automobile Lease Securitization Trust | $55,000 | $55,014 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 24,599,019 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 12.7% |
| |||||||
U.S. Treasury Notes - 12.7% |
| |||||||
1.375% due 05/31/21 | 570,000 | 566,905 | ||||||
1.500% due 09/15/22 | 1,095,000 | 1,093,075 | ||||||
1.750% due 06/15/22 | 1,875,000 | 1,883,789 | ||||||
1.750% due 07/15/22 | 1,840,000 | 1,847,655 | ||||||
2.125% due 05/15/22 | 2,620,000 | 2,654,643 | ||||||
2.250% due 04/15/22 | 1,615,000 | 1,640,644 | ||||||
2.375% due 03/15/22 | 3,815,000 | 3,888,320 | ||||||
2.625% due 12/15/21 | 5,110,000 | 5,223,179 | ||||||
2.875% due 10/15/21 | 935,000 | 957,973 | ||||||
2.875% due 11/30/23 | 390,000 | 410,498 | ||||||
|
| |||||||
20,166,681 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 20,166,681 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 1.5% |
| |||||||
Commercial Paper - 0.2% |
| |||||||
Ford Motor Credit Co LLC | 260,000 | 253,913 | ||||||
|
|
Shares | Value | |||||||
Money Market Fund - 1.3% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 2,071,496 | $2,071,496 | ||||||
|
| |||||||
Total Short-Term Investments | 2,325,409 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.7% | 159,313,227 | |||||||
DERIVATIVES - (0.0%) |
| (61,642 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (0.7%) | (1,040,780 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $158,210,805 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 53.1% | |||
Mortgage-Backed Securities | 17.8% | |||
Asset-Backed Securities | 15.6% | |||
U.S. Treasury Obligations | 12.7% | |||
Others (each less than 3.0%) | 1.5% | |||
|
| |||
100.7% | ||||
Derivatives | (0.0% | ) | ||
Other Assets & Liabilities, Net | (0.7% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Open futures contracts outstanding as of September 30, 2019 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury2-Year Notes | 12/19 | 182 | $39,314,677 | $39,221,000 | ($93,677 | ) | ||||||||||||||
U.S. Treasury Ultra10-Year Notes | 12/19 | 2 | 289,284 | 284,813 | (4,471 | ) | ||||||||||||||
|
| |||||||||||||||||||
(98,148 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Short Futures Outstanding | ||||||||||||||||||||
U.S. Treasury5-Year Notes | 12/19 | 13 | 1,553,049 | 1,548,930 | 4,119 | |||||||||||||||
U.S. Treasury10-Year Notes | 12/19 | 25 | 3,290,200 | 3,257,813 | 32,387 | |||||||||||||||
|
| |||||||||||||||||||
36,506 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | ($61,642 | ) | ||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-37
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $84,035,245 | $— | $84,035,245 | $— | |||||||||||||
Mortgage-Backed Securities | 28,186,873 | — | 28,186,873 | — | ||||||||||||||
Asset-Backed Securities | 24,599,019 | — | 24,599,019 | — | ||||||||||||||
U.S. Treasury Obligations | 20,166,681 | — | 20,166,681 | — | ||||||||||||||
Short-Term Investments | 2,325,409 | 2,071,496 | 253,913 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 36,506 | 36,506 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 159,349,733 | 2,108,002 | 157,241,731 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (98,148 | ) | (98,148 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (98,148 | ) | (98,148 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $159,251,585 | $2,009,854 | $157,241,731 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-38
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 20.0% |
| |||||||
Argentina - 0.2% |
| |||||||
Rio Energy SA | $150,000 | $71,252 | ||||||
YPF SA | 80,000 | 62,760 | ||||||
|
| |||||||
134,012 | ||||||||
|
| |||||||
Azerbaijan - 0.8% |
| |||||||
Southern Gas Corridor CJSC | 220,000 | 255,743 | ||||||
State Oil Co of the Azerbaijan Republic | 200,000 | 239,537 | ||||||
|
| |||||||
495,280 | ||||||||
|
| |||||||
Brazil - 1.9% |
| |||||||
Banco Votorantim SA | 200,000 | 206,750 | ||||||
Gol Finance SA | 65,000 | 63,700 | ||||||
NBM US Holdings Inc | 200,000 | 210,375 | ||||||
Petrobras Global Finance BV | 106,000 | 110,706 | ||||||
6.850% due 06/05/15 | 160,000 | 183,232 | ||||||
6.875% due 01/20/40 | 130,000 | 150,449 | ||||||
Vale Overseas Ltd | 105,000 | 133,560 | ||||||
6.875% due 11/10/39 | 100,000 | 127,876 | ||||||
|
| |||||||
1,186,648 | ||||||||
|
| |||||||
Chile - 1.9% |
| |||||||
Corp Nacional del Cobre de Chile | 246,000 | 275,955 | ||||||
4.875% due 11/04/44 ~ | 200,000 | 237,407 | ||||||
5.625% due 10/18/43 ~ | 200,000 | 261,661 | ||||||
Empresa Nacional del Petroleo | 200,000 | 216,000 | ||||||
VTR Finance BV | 180,000 | 185,850 | ||||||
|
| |||||||
1,176,873 | ||||||||
|
| |||||||
China - 1.6% |
| |||||||
Amber Circle Funding Ltd | 200,000 | 204,166 | ||||||
China Evergrande Group | 200,000 | 166,003 | ||||||
Sinochem Overseas Capital Co Ltd | 100,000 | 102,176 | ||||||
6.300% due 11/12/40 ~ | 100,000 | 141,216 | ||||||
Sunac China Holdings Ltd | 200,000 | 198,468 | ||||||
Yuzhou Properties Co Ltd | 200,000 | 200,195 | ||||||
|
| |||||||
1,012,224 | ||||||||
|
| |||||||
Colombia - 0.5% |
| |||||||
Empresas Publicas de Medellin ESP | COP 336,000,000 | 103,494 | ||||||
Millicom International Cellular SA | $200,000 | 209,270 | ||||||
|
| |||||||
312,764 | ||||||||
|
| |||||||
Georgia - 0.7% |
| |||||||
Georgian Railway JSC | 200,000 | 219,197 | ||||||
TBC Bank JSC | 200,000 | 202,000 | ||||||
|
| |||||||
421,197 | ||||||||
|
|
Principal | Value | |||||||
Indonesia - 0.8% |
| |||||||
P.T. Pertamina Persero | $200,000 | $243,744 | ||||||
P.T. Perusahaan Listrik Negara | 230,000 | 244,375 | ||||||
|
| |||||||
488,119 | ||||||||
|
| |||||||
Ireland - 0.3% |
| |||||||
C&W Senior Financing DAC | 200,000 | 211,500 | ||||||
|
| |||||||
Jamaica - 0.2% |
| |||||||
Digicel Ltd | 200,000 | 142,002 | ||||||
|
| |||||||
Kazakhstan - 1.1% |
| |||||||
Development Bank of Kazakhstan JSC | 220,000 | 228,623 | ||||||
Halyk Savings Bank of Kazakhstan JSC | 66,249 | 66,777 | ||||||
Kazakhstan Temir Zholy Finance BV | 300,000 | 402,645 | ||||||
|
| |||||||
698,045 | ||||||||
|
| |||||||
Luxembourg - 0.3% |
| |||||||
Altice Financing SA | 200,000 | 212,998 | ||||||
|
| |||||||
Malaysia - 0.4% |
| |||||||
Wakala Global Sukuk Bhd | 250,000 | 260,542 | ||||||
|
| |||||||
Mexico - 3.6% |
| |||||||
Axtel SAB de CV | 200,000 | 206,502 | ||||||
BBVA Bancomer SA | 200,000 | 191,250 | ||||||
Comision Federal de Electricidad | 200,000 | 218,002 | ||||||
8.180% due 12/23/27 ~ | MXN 950,000 | 44,530 | ||||||
Petroleos Mexicanos | $281,000 | 241,772 | ||||||
6.350% due 02/12/48 | 185,000 | 170,692 | ||||||
6.750% due 09/21/47 | 498,000 | 479,225 | ||||||
6.875% due 08/04/26 | 192,000 | 206,880 | ||||||
7.190% due 09/12/24 ~ | MXN 3,170,000 | 140,959 | ||||||
7.690% due 01/23/50 ~ | $282,251 | 295,037 | ||||||
|
| |||||||
2,194,849 | ||||||||
|
| |||||||
Morocco - 0.4% |
| |||||||
OCP SA | 200,000 | 248,750 | ||||||
|
| |||||||
Pakistan - 0.9% |
| |||||||
The Second Pakistan International Sukuk Co Ltd | 350,000 | 351,734 | ||||||
The Third Pakistan International Sukuk Co Ltd | 200,000 | 200,625 | ||||||
|
| |||||||
552,359 | ||||||||
|
| |||||||
Peru - 0.2% |
| |||||||
Banco de Credito del Peru | PEN 48,000 | 14,385 | ||||||
Patrimonio EN Fideicomiso | $75,000 | 80,678 | ||||||
|
| |||||||
95,063 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-39
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
Philippines - 0.3% |
| |||||||
Power Sector Assets & Liabilities Management Corp | $130,000 | $162,511 | ||||||
|
| |||||||
Russia - 0.4% |
| |||||||
SCF Capital Designated Activity Co | 232,000 | 245,637 | ||||||
|
| |||||||
Saudi Arabia - 0.4% |
| |||||||
Saudi Arabian Oil Co | 200,000 | 216,029 | ||||||
|
| |||||||
Singapore - 0.3% |
| |||||||
Puma International Financing SA | 200,000 | 193,332 | ||||||
|
| |||||||
South Africa - 0.7% |
| |||||||
Absa Group Ltd | 200,000 | 209,100 | ||||||
Eskom Holdings SOC Ltd | 200,000 | 206,405 | ||||||
|
| |||||||
415,505 | ||||||||
|
| |||||||
Ukraine - 0.3% |
| |||||||
Metinvest BV | 200,000 | 211,331 | ||||||
|
| |||||||
United Kingdom - 0.8% |
| |||||||
Standard Chartered Bank | IDR 270,000,000 | 17,369 | ||||||
7.590% due 01/13/26 ~ | INR 17,870,000 | 264,341 | ||||||
8.125% due 05/17/24 ~ | IDR 369,000,000 | 27,518 | ||||||
8.250% due 05/19/36 ~ | 980,000,000 | 72,127 | ||||||
8.375% due 03/17/34 ~ | 810,000,000 | 60,480 | ||||||
9.000% due 03/20/29 ~ | 311,000,000 | 24,310 | ||||||
11.000% due 09/17/25 ~ | 432,000,000 | 36,368 | ||||||
12.800% due 06/17/21 ~ | 157,000,000 | 12,250 | ||||||
|
| |||||||
514,763 | ||||||||
|
| |||||||
Venezuela - 1.0% |
| |||||||
Petroleos de Venezuela SA | $113,000 | 9,888 | ||||||
8.500% due 10/27/20Y ~ | 1,460,500 | 518,477 | ||||||
9.000% due 11/17/21 *Y ~ | 239,354 | 20,943 | ||||||
9.750% due 05/17/35 *Y ~ | 306,278 | 26,799 | ||||||
12.750% due 02/17/22 *Y ~ | 117,000 | 10,238 | ||||||
|
| |||||||
586,345 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 12,388,678 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 1.0% |
| |||||||
United Arab Emirates - 1.0% |
| |||||||
Dubai World Corp Term B1 | 643,067 | 602,875 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 602,875 | ||||||
|
|
Principal | Value | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 73.4% |
| |||||||
Angola - 0.7% |
| |||||||
Angolan Government | $200,000 | $207,636 | ||||||
9.375% due 05/08/48 ~ | 200,000 | 211,381 | ||||||
|
| |||||||
419,017 | ||||||||
|
| |||||||
Argentina - 2.1% |
| |||||||
Argentina Bonar | ARS 4,931,267 | 48,471 | ||||||
62.351% (ARS Deposit + 3.250%) | 470,000 | 4,472 | ||||||
Argentina POM Politica Monetaria | 10,978,462 | 84,171 | ||||||
Argentine Republic Government | $462,217 | 185,469 | ||||||
5.875% due 01/11/28 | 158,000 | 64,584 | ||||||
6.875% due 04/22/21 | 552,000 | 273,936 | ||||||
6.875% due 01/11/48 | 675,000 | 286,882 | ||||||
7.500% due 04/22/26 | 252,000 | 112,458 | ||||||
7.625% due 04/22/46 | 194,000 | 85,071 | ||||||
8.280% due 12/31/33 | 196,280 | 96,192 | ||||||
Ciudad Autonoma De Buenos Aires | ARS 2,641,873 | 24,929 | ||||||
Provincia de Buenos Aires | 3,804,000 | 31,468 | ||||||
|
| |||||||
1,298,103 | ||||||||
|
| |||||||
Bahrain - 0.7% |
| |||||||
Bahrain Government | $200,000 | 224,808 | ||||||
7.500% due 09/20/47 ~ | 200,000 | 227,981 | ||||||
|
| |||||||
452,789 | ||||||||
|
| |||||||
Belarus - 1.2% |
| |||||||
Republic of Belarus | 200,000 | 211,164 | ||||||
6.875% due 02/28/23 ~ | 260,000 | 278,589 | ||||||
7.625% due 06/29/27 ~ | 200,000 | 225,726 | ||||||
|
| |||||||
715,479 | ||||||||
|
| |||||||
Brazil - 9.0% |
| |||||||
Brazil Letras do Tesouro Nacional | BRL 12,311,000 | 2,711,285 | ||||||
5.532% due 01/01/22 | 400,000 | 85,281 | ||||||
5.788% due 07/01/22 | 3,300,000 | 680,531 | ||||||
6.244% due 07/01/23 | 3,304,000 | 633,878 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ | 667,000 | 188,706 | ||||||
10.000% due 01/01/29 | 443,000 | 127,448 | ||||||
Brazilian Government | $200,000 | 200,150 | ||||||
4.250% due 01/07/25 | 200,000 | 210,968 | ||||||
4.625% due 01/13/28 | 200,000 | 212,852 | ||||||
5.625% due 01/07/41 | 100,000 | 112,126 | ||||||
5.625% due 02/21/47 | 200,000 | 224,377 | ||||||
7.125% due 01/20/37 | 100,000 | 127,501 | ||||||
8.250% due 01/20/34 | 60,000 | 82,200 | ||||||
|
| |||||||
5,597,303 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-40
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
Chile - 1.0% |
| |||||||
Bonos de la Tesoreria de la Republica | CLP 182,327,600 | $277,267 | ||||||
1.900% due 09/01/30 ^ | 14,025,200 | 23,219 | ||||||
2.000% due 03/01/35 ^ | 14,025,200 | 24,307 | ||||||
Bonos de la Tesoreria de la Republica en pesos | 120,000,000 | 175,054 | ||||||
4.700% due 09/01/30 ~ | 80,000,000 | 129,745 | ||||||
|
| |||||||
629,592 | ||||||||
|
| |||||||
Colombia - 3.1% |
| |||||||
Colombia Government | $200,000 | 250,752 | ||||||
6.125% due 01/18/41 | 183,000 | 239,046 | ||||||
7.375% due 09/18/37 | 110,000 | 156,889 | ||||||
8.125% due 05/21/24 | 260,000 | 322,403 | ||||||
Colombian TES | COP 866,417,093 | 275,921 | ||||||
6.250% due 11/26/25 | 119,600,000 | 35,911 | ||||||
7.000% due 05/04/22 | 962,800,000 | 291,768 | ||||||
7.500% due 08/26/26 | 582,800,000 | 186,437 | ||||||
10.000% due 07/24/24 | 439,900,000 | 152,681 | ||||||
|
| |||||||
1,911,808 | ||||||||
|
| |||||||
Croatia - 0.8% |
| |||||||
Croatia Government | $310,000 | 357,298 | ||||||
6.625% due 07/14/20 ~ | 160,000 | 165,302 | ||||||
|
| |||||||
522,600 | ||||||||
|
| |||||||
Czech Republic - 0.6% |
| |||||||
Czech Republic Government | CZK 1,690,000 | 68,504 | ||||||
1.000% due 06/26/26 ~ | 130,000 | 5,397 | ||||||
2.000% due 10/13/33 | 5,770,000 | 262,398 | ||||||
4.200% due 12/04/36 ~ | 240,000 | 14,414 | ||||||
|
| |||||||
350,713 | ||||||||
|
| |||||||
Dominican Republic - 1.8% |
| |||||||
Dominican Republic | $100,000 | 105,751 | ||||||
5.875% due 04/18/24 ~ | 120,000 | 127,201 | ||||||
6.600% due 01/28/24 ~ | 100,000 | 110,125 | ||||||
6.850% due 01/27/45 ~ | 270,000 | 301,725 | ||||||
6.875% due 01/29/26 ~ | 290,000 | 328,065 | ||||||
7.450% due 04/30/44 ~ | 130,000 | 154,539 | ||||||
|
| |||||||
1,127,406 | ||||||||
|
| |||||||
Ecuador - 5.2% |
| |||||||
Ecuador Government | 370,000 | 351,966 | ||||||
7.950% due 06/20/24 ~ | 368,000 | 376,744 | ||||||
8.750% due 06/02/23 ~ | 258,000 | 274,450 | ||||||
8.875% due 10/23/27 ~ | 290,000 | 290,003 | ||||||
9.500% due 03/27/30 ~ | 200,000 | 203,000 | ||||||
9.625% due 06/02/27 ~ | 250,000 | 260,627 | ||||||
9.650% due 12/13/26 ~ | 652,000 | 685,422 | ||||||
10.500% due 03/24/20 ~ | 200,000 | 205,002 | ||||||
10.750% due 03/28/22 ~ | 317,000 | 346,322 | ||||||
10.750% due 01/31/29 ~ | 200,000 | 216,627 | ||||||
|
| |||||||
3,210,163 | ||||||||
|
| |||||||
Egypt - 1.3% |
| |||||||
Egypt Government | 200,000 | 202,375 | ||||||
7.903% due 02/21/48 ~ | 300,000 | 302,864 | ||||||
8.500% due 01/31/47 ~ | 200,000 | 212,397 | ||||||
15.900% due 07/02/24 | EGP 730,000 | 47,469 | ||||||
16.100% due 05/07/29 | 731,000 | 49,307 | ||||||
|
| |||||||
814,412 | ||||||||
|
|
Principal | Value | |||||||
El Salvador - 1.2% |
| |||||||
El Salvador Government | $102,000 | $105,316 | ||||||
6.375% due 01/18/27 ~ | 103,000 | 107,250 | ||||||
7.625% due 02/01/41 ~ | 150,000 | 161,626 | ||||||
7.650% due 06/15/35 ~ | 55,000 | 59,263 | ||||||
8.250% due 04/10/32 ~ | 113,000 | 129,245 | ||||||
8.625% due 02/28/29 ~ | 171,000 | 199,644 | ||||||
|
| |||||||
762,344 | ||||||||
|
| |||||||
Gabon - 0.3% |
| |||||||
Gabon Government | 200,000 | 197,450 | ||||||
|
| |||||||
Ghana - 0.7% |
| |||||||
Ghana Government | 200,000 | 201,470 | ||||||
8.627% due 06/16/49 ~ | 200,000 | 199,950 | ||||||
|
| |||||||
401,420 | ||||||||
|
| |||||||
Hungary - 1.7% |
| |||||||
Hungary Government | HUF 14,560,000 | 52,627 | ||||||
3.000% due 08/21/30 | 8,770,000 | 31,497 | ||||||
5.375% due 02/21/23 | $288,000 | 316,699 | ||||||
5.375% due 03/25/24 | 154,000 | 174,156 | ||||||
5.750% due 11/22/23 | 266,000 | 301,978 | ||||||
6.750% due 10/22/28 | HUF 19,790,000 | 92,043 | ||||||
7.625% due 03/29/41 | $30,000 | 49,914 | ||||||
|
| |||||||
1,018,914 | ||||||||
|
| |||||||
India - 1.9% |
| |||||||
Export-Import Bank of India | 200,000 | 208,073 | ||||||
India Government | INR 30,000,000 | 433,735 | ||||||
7.350% due 06/22/24 | 10,000,000 | 146,538 | ||||||
7.370% due 04/16/23 | 23,650,000 | 346,065 | ||||||
7.720% due 05/25/25 | 4,000,000 | 59,434 | ||||||
|
| |||||||
1,193,845 | ||||||||
|
| |||||||
Indonesia - 5.6% |
| |||||||
Indonesia Government | $200,000 | 239,210 | ||||||
5.250% due 01/17/42 ~ | 200,000 | 240,982 | ||||||
5.950% due 01/08/46 ~ | 200,000 | 265,203 | ||||||
6.625% due 02/17/37 ~ | 100,000 | 135,717 | ||||||
7.750% due 01/17/38 ~ | 130,000 | 194,991 | ||||||
8.500% due 10/12/35 ~ | 100,000 | 157,302 | ||||||
Indonesia Treasury | IDR 3,284,000,000 | 214,785 | ||||||
6.625% due 05/15/33 | 3,646,000,000 | 234,549 | ||||||
7.000% due 05/15/27 | 298,000,000 | 20,893 | ||||||
7.000% due 09/15/30 | 2,036,000,000 | 140,311 | ||||||
7.500% due 08/15/32 | 3,597,000,000 | 251,828 | ||||||
7.500% due 06/15/35 | 1,271,000,000 | 88,291 | ||||||
7.500% due 05/15/38 | 689,000,000 | 47,704 | ||||||
8.250% due 05/15/29 | 2,604,000,000 | 196,255 | ||||||
8.250% due 05/15/36 | 958,000,000 | 70,507 | ||||||
8.375% due 03/15/24 | 4,061,000,000 | 304,536 | ||||||
8.375% due 09/15/26 | 4,603,000,000 | 348,207 | ||||||
8.375% due 04/15/39 | 1,561,000,000 | 116,050 | ||||||
Perusahaan Penerbit SBSN Indonesia III | $200,000 | 218,700 | ||||||
|
| |||||||
3,486,021 | ||||||||
|
| |||||||
Ivory Coast - 0.9% |
| |||||||
Ivory Coast Government | 578,160 | 569,149 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-41
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
Jamaica - 0.4% |
| |||||||
Jamaica Government | $200,000 | $262,002 | ||||||
|
| |||||||
Kenya - 0.3% |
| |||||||
Kenya Government | 200,000 | 204,790 | ||||||
|
| |||||||
Lebanon - 2.2% |
| |||||||
Lebanon Government | 171,000 | 169,718 | ||||||
6.000% due 01/27/23 ~ | 60,000 | 41,824 | ||||||
6.100% due 10/04/22 ~ | 421,000 | 299,699 | ||||||
6.150% due 06/19/20 | 82,000 | 76,422 | ||||||
6.375% due 03/09/20 | 145,000 | 138,838 | ||||||
6.600% due 11/27/26 ~ | 19,000 | 12,369 | ||||||
6.850% due 03/23/27 ~ | 117,000 | 76,156 | ||||||
7.000% due 03/23/32 ~ | 150,000 | 98,232 | ||||||
7.250% due 03/23/37 ~ | 91,000 | 59,643 | ||||||
8.250% due 04/12/21 ~ | 474,000 | 405,270 | ||||||
|
| |||||||
1,378,171 | ||||||||
|
| |||||||
Malaysia - 1.2% |
| |||||||
Malaysia Government | MYR 1,015,000 | 244,959 | ||||||
3.733% due 06/15/28 | 294,000 | 70,987 | ||||||
3.885% due 08/15/29 | 185,000 | 46,194 | ||||||
3.899% due 11/16/27 | 51,000 | 12,530 | ||||||
3.900% due 11/30/26 | 280,000 | 68,639 | ||||||
3.906% due 07/15/26 | 290,000 | 71,644 | ||||||
4.181% due 07/15/24 | 217,000 | 53,868 | ||||||
4.232% due 06/30/31 | 201,000 | 50,906 | ||||||
4.498% due 04/15/30 | 194,000 | 50,172 | ||||||
4.642% due 11/07/33 | 180,000 | 47,630 | ||||||
|
| |||||||
717,529 | ||||||||
|
| |||||||
Mexico - 1.7% |
| |||||||
Mexican Bonos | MXN 1,720,000 | 90,576 | ||||||
8.000% due 11/07/47 | 2,900,000 | 158,230 | ||||||
8.500% due 05/31/29 | 3,890,000 | 219,593 | ||||||
10.000% due 12/05/24 | 4,460,000 | 258,673 | ||||||
Mexico Government | $68,000 | 73,780 | ||||||
5.550% due 01/21/45 | 64,000 | 77,472 | ||||||
5.750% due 10/12/10 | 72,000 | 83,017 | ||||||
6.050% due 01/11/40 | 60,000 | 75,676 | ||||||
|
| |||||||
1,037,017 | ||||||||
|
| |||||||
Morocco - 0.5% |
| |||||||
Morocco Government | 320,000 | 335,354 | ||||||
|
| |||||||
Nigeria - 0.7% |
| |||||||
Nigeria Government | 200,000 | 202,708 | ||||||
9.248% due 01/21/49 ~ | 200,000 | 223,908 | ||||||
|
| |||||||
426,616 | ||||||||
|
| |||||||
Oman - 0.9% |
| |||||||
Oman Government | 400,000 | 371,210 | ||||||
6.750% due 01/17/48 ~ | 200,000 | 189,250 | ||||||
|
| |||||||
560,460 | ||||||||
|
| |||||||
Pakistan - 0.7% |
| |||||||
Pakistan Government | 200,000 | 197,673 | ||||||
8.250% due 04/15/24 ~ | 200,000 | 216,371 | ||||||
|
| |||||||
414,044 | ||||||||
|
|
Principal | Value | |||||||
Panama - 1.2% |
| |||||||
Panama Government | $200,000 | $234,752 | ||||||
6.700% due 01/26/36 | 120,000 | 171,301 | ||||||
7.125% due 01/29/26 | 100,000 | 125,380 | ||||||
8.875% due 09/30/27 | 70,000 | 100,451 | ||||||
9.375% due 04/01/29 | 70,000 | 107,713 | ||||||
|
| |||||||
739,597 | ||||||||
|
| |||||||
Paraguay - 0.3% |
| |||||||
Paraguay Government | 200,000 | 210,852 | ||||||
|
| |||||||
Peru - 1.9% |
| |||||||
Fondo MIVIVIENDA SA | PEN 236,000 | 78,076 | ||||||
Peruvian Government | $317,000 | 465,200 | ||||||
7.350% due 07/21/25 | 178,000 | 225,706 | ||||||
8.750% due 11/21/33 | 230,000 | 380,365 | ||||||
|
| |||||||
1,149,347 | ||||||||
|
| |||||||
Philippines - 1.2% |
| |||||||
Philippine Government | 100,000 | 144,778 | ||||||
7.750% due 01/14/31 | 170,000 | 256,117 | ||||||
9.500% due 02/02/30 | 170,000 | 276,924 | ||||||
10.625% due 03/16/25 | 61,000 | 87,126 | ||||||
|
| |||||||
764,945 | ||||||||
|
| |||||||
Poland - 0.8% |
| |||||||
Republic of Poland | PLN 675,000 | 178,852 | ||||||
2.750% due 10/25/29 | 1,253,000 | 333,604 | ||||||
|
| |||||||
512,456 | ||||||||
|
| |||||||
Qatar - 1.6% |
| |||||||
Qatar Government | $200,000 | 210,484 | ||||||
4.000% due 03/14/29 ~ | 200,000 | 221,888 | ||||||
4.817% due 03/14/49 ~ | 200,000 | 247,976 | ||||||
5.103% due 04/23/48 ~ | 246,000 | 315,015 | ||||||
|
| |||||||
995,363 | ||||||||
|
| |||||||
Romania - 0.6% |
| |||||||
Romanian Government | 194,000 | 207,783 | ||||||
6.125% due 01/22/44 ~ | 38,000 | 49,794 | ||||||
6.750% due 02/07/22 ~ | 104,000 | 114,513 | ||||||
|
| |||||||
372,090 | ||||||||
|
| |||||||
Russia - 1.9% |
| |||||||
Russia Federal | RUB 11,625,000 | 181,767 | ||||||
7.700% due 03/23/33 | 7,773,000 | 125,784 | ||||||
7.750% due 09/16/26 | 12,396,000 | 201,650 | ||||||
8.500% due 09/17/31 | 12,089,000 | 208,498 | ||||||
Russia Foreign | $200,000 | 214,336 | ||||||
5.250% due 06/23/47 ~ | 200,000 | 238,004 | ||||||
|
| |||||||
1,170,039 | ||||||||
|
| |||||||
Saudi Arabia - 1.2% |
| |||||||
Saudi Government | 200,000 | 224,938 | ||||||
5.000% due 04/17/49 ~ | 200,000 | 241,198 | ||||||
5.250% due 01/16/50 ~ | 200,000 | 249,500 | ||||||
|
| |||||||
715,636 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-42
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
Senegal - 0.3% |
| |||||||
Senegal Government | $200,000 | $202,000 | ||||||
|
| |||||||
South Africa - 2.9% |
| |||||||
Republic of South Africa Government | 217,000 | 209,943 | ||||||
4.875% due 04/14/26 | 200,000 | 206,942 | ||||||
5.650% due 09/27/47 | 230,000 | 230,082 | ||||||
5.750% due 09/30/49 | 250,000 | 249,077 | ||||||
8.000% due 01/31/30 | ZAR 2,775,000 | 171,179 | ||||||
8.250% due 03/31/32 | 3,313,000 | 201,860 | ||||||
8.750% due 01/31/44 | 1,792,140 | 105,523 | ||||||
8.750% due 02/28/48 | 3,669,000 | 214,306 | ||||||
8.875% due 02/28/35 | 1,333,690 | 82,949 | ||||||
9.000% due 01/31/40 | 1,762,760 | 107,639 | ||||||
|
| |||||||
1,779,500 | ||||||||
|
| |||||||
Sri Lanka - 0.7% |
| |||||||
Sri Lanka Government | $200,000 | 197,282 | ||||||
7.850% due 03/14/29 ~ | 200,000 | 201,512 | ||||||
|
| |||||||
398,794 | ||||||||
|
| |||||||
Suriname - 0.3% |
| |||||||
Republic of Suriname | 200,000 | 179,500 | ||||||
|
| |||||||
Thailand - 1.8% |
| |||||||
Thailand Government | THB 15,571,000 | 516,132 | ||||||
2.000% due 12/17/22 | 5,000 | 167 | ||||||
2.125% due 12/17/26 | 2,698,000 | 92,373 | ||||||
2.400% due 12/17/23 | 3,781,000 | 128,757 | ||||||
2.875% due 06/17/46 | 333,000 | 13,683 | ||||||
3.300% due 06/17/38 | 4,126,000 | 173,614 | ||||||
3.400% due 06/17/36 | 760,000 | 31,825 | ||||||
3.600% due 06/17/67 | 2,090,000 | 98,829 | ||||||
3.775% due 06/25/32 | 1,493,000 | 61,482 | ||||||
|
| |||||||
1,116,862 | ||||||||
|
| |||||||
Turkey - 2.6% |
| |||||||
Turkey Government | TRY 373,225 | 65,168 | ||||||
4.875% due 04/16/43 | $200,000 | 160,899 | ||||||
5.750% due 03/22/24 | 200,000 | 199,747 | ||||||
6.125% due 10/24/28 | 200,000 | 195,790 | ||||||
6.250% due 09/26/22 | 200,000 | 205,499 | ||||||
6.350% due 08/10/24 | 200,000 | 204,003 | ||||||
6.875% due 03/17/36 | 50,000 | 49,925 | ||||||
7.000% due 06/05/20 | 42,000 | 43,069 | ||||||
7.375% due 02/05/25 | 130,000 | 138,345 | ||||||
7.625% due 04/26/29 | 221,000 | 235,386 | ||||||
10.700% due 08/17/22 | TRY 611,000 | 101,113 | ||||||
|
| |||||||
1,598,944 | ||||||||
|
| |||||||
Ukraine - 2.8% |
| |||||||
Ukraine Government |
| |||||||
7.375% due 09/25/32 ~ | $400,000 | 403,011 | ||||||
7.750% due 09/01/22 ~ | 114,000 | 120,270 | ||||||
7.750% due 09/01/23 ~ | 214,000 | 225,435 | ||||||
7.750% due 09/01/25 ~ | 310,000 | 326,105 | ||||||
7.750% due 09/01/26 ~ | 200,000 | 209,199 | ||||||
7.750% due 09/01/27 ~ | 126,000 | 131,424 | ||||||
9.750% due 11/01/28 ~ | 200,000 | 229,629 | ||||||
15.840% due 02/26/25 ~ | UAH 1,247,000 | 54,345 | ||||||
16.000% due 08/11/21 ~ | 413,000 | 17,216 | ||||||
17.000% due 05/11/22 ~ | 397,000 | 17,025 | ||||||
17.250% due 01/05/22 ~ | 365,000 | 15,618 | ||||||
|
| |||||||
1,749,277 | ||||||||
|
|
Principal | Value | |||||||
United Arab Emirates - 0.3% |
| |||||||
Abu Dhabi Government | $200,000 | $194,250 | ||||||
|
| |||||||
Uruguay - 1.4% |
| |||||||
Uruguay Government |
| |||||||
4.125% due 11/20/45 | 108,548 | 116,419 | ||||||
4.975% due 04/20/55 | 178,082 | 209,026 | ||||||
5.100% due 06/18/50 | 90,000 | 107,213 | ||||||
7.625% due 03/21/36 | 82,000 | 121,361 | ||||||
7.875% due 01/15/33 | 133,000 | 198,254 | ||||||
8.500% due 03/15/28 ~ | UYU 3,220,000 | 75,578 | ||||||
9.875% due 06/20/22 ~ | 1,102,000 | 29,592 | ||||||
|
| |||||||
857,443 | ||||||||
|
| |||||||
Venezuela - 0.5% |
| |||||||
Venezuela Government |
| |||||||
7.750% due 10/13/19 *Y ~ | $85,000 | 9,562 | ||||||
8.250% due 10/13/24 *Y ~ | 166,100 | 18,686 | ||||||
9.000% due 05/07/23 *Y ~ | 73,000 | 8,213 | ||||||
9.250% due 09/15/27 *Y | 252,000 | 28,350 | ||||||
9.250% due 05/07/28 *Y ~ | 121,000 | 13,613 | ||||||
11.750% due 10/21/26 *Y ~ | 768,700 | 86,479 | ||||||
11.950% due 08/05/31 *Y ~ | 1,255,900 | 141,289 | ||||||
12.750% due 08/23/22 *Y ~ | 211,000 | 23,737 | ||||||
|
| |||||||
329,929 | ||||||||
|
| |||||||
Vietnam - 0.3% |
| |||||||
Vietnam Government | 180,000 | 182,745 | ||||||
|
| |||||||
Zambia - 0.4% |
| |||||||
Zambia Government | 307,000 | 219,862 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 45,453,942 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 3.8% |
| |||||||
Foreign Government Issues - 0.7% |
| |||||||
Argentina Treasury Bill (Argentina) |
| |||||||
115.665% due 10/29/20W | ARS 4,656,404 | 34,785 | ||||||
153.910% due 05/13/20W | 3,290,900 | 31,830 | ||||||
Egypt Treasury Bills (Egypt) |
| |||||||
17.612% due 10/29/19 | EGP 1,625,000 | 98,881 | ||||||
18.061% due 10/22/19 | 2,775,000 | 169,331 | ||||||
Uruguay Monetary Regulation Bill (Uruguay) |
| |||||||
9.556% due 03/10/21 | UYU 572,000 | 13,476 | ||||||
9.659% due 07/03/20 | 2,903,000 | 73,293 | ||||||
|
| |||||||
421,596 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 3.1% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 1,947,792 | 1,947,792 | ||||||
|
| |||||||
Total Short-Term Investments |
| 2,369,388 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 98.2% |
| 60,814,883 | ||||||
DERIVATIVES - (0.2%) |
| (136,664 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 2.0% |
| 1,252,228 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $61,930,447 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-43
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 73.4% | |||
Corporate Bonds & Notes | 20.0% | |||
Short-Term Investments | 3.8% | |||
Others (each less than 3.0%) | 1.0% | |||
|
| |||
98.2% | ||||
Derivatives | (0.2% | ) | ||
Other Assets & Liabilities, Net | 2.0% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Brazil | 10.9% | |||
Indonesia | 6.4% | |||
Mexico | 5.3% | |||
Ecuador | 5.2% | |||
Colombia | 3.6% | |||
South Africa | 3.6% | |||
Ukraine | 3.1% | |||
United States (Includes Short-Term Investments) | 3.1% | |||
Others (each less than 3.0%) | 57.0% | |||
|
| |||
98.2% | ||||
Derivatives | (0.2% | ) | ||
Other Assets & Liabilities, Net | 2.0% | |||
|
| |||
100.0% | ||||
|
|
(c) | Investments with a total aggregate value of $236,014 or 0.4% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees. |
(d) | Investments with a total aggregate value of $916,274 or 1.5% of the Fund’s net assets were in default as of September 30, 2019. |
(e) | Forward foreign currency contracts outstanding as of September 30, 2019 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||
ARS W | 4,657,996 | USD | 96,941 | 10/19 | CSF | $— | ($24,828 | ) | ||||||||||||||||||||||
ARS W | 1,707,689 | USD | 25,117 | 10/19 | MER | 716 | — | |||||||||||||||||||||||
BRL | 3,410,997 | USD | 825,108 | 10/19 | BSC | — | (4,283 | ) | ||||||||||||||||||||||
BRL | 2,032,017 | USD | 485,432 | 10/19 | HSB | 3,555 | — | |||||||||||||||||||||||
BRL | 457,930 | USD | 110,000 | 10/19 | MSC | 197 | — | |||||||||||||||||||||||
CLP | 687,081,226 | USD | 975,046 | 10/19 | CSF | — | (32,153 | ) | ||||||||||||||||||||||
CNY | 7,472,414 | USD | 1,048,348 | 11/19 | HSB | — | (1,131 | ) | ||||||||||||||||||||||
CZK | 13,457,685 | USD | 588,044 | 10/19 | BRC | — | (19,196 | ) | ||||||||||||||||||||||
CZK | 48,793 | USD | 2,073 | 10/19 | HSB | — | (11 | ) | ||||||||||||||||||||||
CZK | 13,457,685 | USD | 589,280 | 10/19 | SCB | — | (20,432 | ) | ||||||||||||||||||||||
CZK | 1,456,616 | USD | 62,639 | 11/19 | HSB | — | (1,063 | ) | ||||||||||||||||||||||
CZK | 385,239 | USD | 16,390 | 01/20 | JPM | — | (69 | ) | ||||||||||||||||||||||
HUF | 128,562,306 | USD | 446,653 | 10/19 | JPM | — | (27,399 | ) | ||||||||||||||||||||||
HUF | 135,500,171 | USD | 446,095 | 11/19 | BRC | — | (3,558 | ) | ||||||||||||||||||||||
IDR | 8,298,432,000 | USD | 576,000 | 10/19 | BRC | 7,370 | — | |||||||||||||||||||||||
ILS | 719,353 | USD | 205,202 | 10/19 | BNP | 2,077 | — | |||||||||||||||||||||||
KRW | 1,278,235,209 | USD | 1,072,615 | 11/19 | GSC | — | (4,865 | ) | ||||||||||||||||||||||
MXN | 37,113,309 | USD | 1,909,774 | 10/19 | BSC | — | (39,361 | ) | ||||||||||||||||||||||
MXN | 10,164,242 | USD | 502,360 | 10/19 | HSB | 9,892 | — | |||||||||||||||||||||||
MXN | 9,763,377 | USD | 500,311 | 10/19 | JPM | — | (8,262 | ) | ||||||||||||||||||||||
MYR | 738,391 | USD | 177,000 | 10/19 | DUB | — | (853 | ) | ||||||||||||||||||||||
MYR | 1,876,980 | USD | 448,956 | 11/19 | DUB | — | (1,566 | ) | ||||||||||||||||||||||
PEN | 1,404,596 | USD | 416,740 | 10/19 | DUB | — | (477 | ) | ||||||||||||||||||||||
PEN | 234,486 | USD | 70,000 | 10/19 | JPM | — | (508 | ) | ||||||||||||||||||||||
PHP | 11,591,257 | USD | 222,853 | 11/19 | MSC | 356 | — | |||||||||||||||||||||||
PLN | 8,485,596 | USD | 2,156,600 | 10/19 | BNP | — | (39,700 | ) | ||||||||||||||||||||||
PLN | 491,806 | USD | 128,976 | 10/19 | BRC | — | (6,286 | ) | ||||||||||||||||||||||
PLN | 126,537 | USD | 32,671 | 10/19 | CIT | — | (1,104 | ) | ||||||||||||||||||||||
PLN | 491,806 | USD | 129,548 | 10/19 | MER | — | (6,857 | ) | ||||||||||||||||||||||
RON | 904,061 | USD | 208,540 | 10/19 | MER | — | (941 | ) | ||||||||||||||||||||||
RON | 1,179,049 | USD | 276,331 | 11/19 | HSB | — | (5,767 | ) | ||||||||||||||||||||||
RUB | 6,830,394 | USD | 103,000 | 10/19 | BRC | 1,899 | — | |||||||||||||||||||||||
RUB | 522,570 | USD | 7,748 | 10/19 | CIT | 278 | — | |||||||||||||||||||||||
RUB | 13,461,652 | USD | 200,135 | 10/19 | CSF | 6,604 | — | |||||||||||||||||||||||
RUB | 14,349,927 | USD | 213,190 | 10/19 | DUB | 7,191 | — | |||||||||||||||||||||||
RUB | 9,153,348 | USD | 138,276 | 10/19 | GSC | 2,298 | — | |||||||||||||||||||||||
RUB | 75,270,042 | USD | 1,168,423 | 10/19 | HSB | — | (12,453 | ) | ||||||||||||||||||||||
RUB | 18,908,227 | USD | 291,750 | 10/19 | JPM | — | (1,364 | ) | ||||||||||||||||||||||
RUB | 21,127,128 | USD | 330,000 | 10/19 | MER | — | (5,537 | ) | ||||||||||||||||||||||
RUB | 1,346,120 | USD | 20,000 | 10/19 | MSC | 673 | — | |||||||||||||||||||||||
RUB | 29,006,527 | USD | 449,860 | 11/19 | MSC | — | (6,167 | ) | ||||||||||||||||||||||
SGD | 31,169 | USD | 22,641 | 11/19 | ANZ | — | (73 | ) | ||||||||||||||||||||||
SGD | 235,000 | USD | 171,121 | 11/19 | BNP | — | (975 | ) | ||||||||||||||||||||||
SGD | 359,480 | USD | 261,407 | 11/19 | CIT | — | (1,134 | ) | ||||||||||||||||||||||
SGD | 272,250 | USD | 198,000 | 11/19 | HSB | — | (885 | ) | ||||||||||||||||||||||
SGD | 202,088 | USD | 147,000 | 11/19 | MSC | — | (683 | ) | ||||||||||||||||||||||
THB | 2,271,621 | USD | 74,183 | 11/19 | BNP | 172 | — |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-44
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||
THB | 4,611,824 | USD | 150,501 | 11/19 | DUB | $454 | $— | |||||||||||||||||||||||
THB | 901,011 | USD | 29,411 | 11/19 | GSC | 81 | — | |||||||||||||||||||||||
THB | 521,943 | USD | 17,045 | 11/19 | JPM | 39 | — | |||||||||||||||||||||||
TRY | 776,702 | USD | 134,000 | 10/19 | CIT | 2,069 | — | |||||||||||||||||||||||
TRY | 358,484 | USD | 61,923 | 10/19 | DUB | 879 | — | |||||||||||||||||||||||
TRY | 959,998 | USD | 165,000 | 10/19 | HSB | 3,180 | — | |||||||||||||||||||||||
TRY | 86,295 | USD | 15,000 | 10/19 | JPM | 118 | — | |||||||||||||||||||||||
TRY | 3,012,648 | USD | 516,599 | 10/19 | SCB | 11,181 | — | |||||||||||||||||||||||
TWD | 20,225,396 | USD | 651,675 | 11/19 | MSC | 2,911 | — | |||||||||||||||||||||||
UAH | 1,334,370 | USD | 44,700 | 04/20 | MER | 5,589 | — | |||||||||||||||||||||||
UAH | 1,567,190 | USD | 53,000 | 05/20 | BRC | 5,681 | — | |||||||||||||||||||||||
UAH | 1,256,224 | USD | 42,440 | 05/20 | GSC | 4,491 | — | |||||||||||||||||||||||
UAH | 1,031,087 | USD | 34,900 | 05/20 | MER | 3,855 | — | |||||||||||||||||||||||
USD | 465,000 | BRL | 1,927,379 | 10/19 | DUB | 1,194 | — | |||||||||||||||||||||||
USD | 951,650 | BRL | 3,973,565 | 10/19 | HSB | — | (4,553 | ) | ||||||||||||||||||||||
USD | 484,500 | BRL | 2,032,017 | 11/19 | HSB | — | (3,332 | ) | ||||||||||||||||||||||
USD | 1,491,794 | BRL | 5,918,246 | 12/19 | BNP | 73,094 | — | |||||||||||||||||||||||
USD | 320,887 | CLP | 223,000,280 | 10/19 | BSC | 14,860 | — | |||||||||||||||||||||||
USD | 100,000 | CLP | 72,185,000 | 10/19 | CSF | 939 | — | |||||||||||||||||||||||
USD | 39,890 | CLP | 28,033,894 | 10/19 | JPM | 1,419 | — | |||||||||||||||||||||||
USD | 57,840 | COP | 193,347,552 | 10/19 | CIT | 2,360 | — | |||||||||||||||||||||||
USD | 125,000 | COP | 434,625,000 | 10/19 | CSF | 287 | — | |||||||||||||||||||||||
USD | 30,000 | COP | 101,190,000 | 10/19 | HSB | 964 | — | |||||||||||||||||||||||
USD | 111,282 | COP | 379,603,958 | 10/19 | MER | 2,357 | — | |||||||||||||||||||||||
USD | 191,283 | CZK | 4,467,661 | 10/19 | BNP | 2,438 | — | |||||||||||||||||||||||
USD | 120,780 | CZK | 2,821,341 | 10/19 | DUB | 1,524 | — | |||||||||||||||||||||||
USD | 152,522 | CZK | 3,562,131 | 10/19 | HSB | 1,953 | — | |||||||||||||||||||||||
USD | 118,279 | CZK | 2,717,897 | 10/19 | JPM | 3,395 | — | |||||||||||||||||||||||
USD | 96,086 | CZK | 2,209,205 | 10/19 | MER | 2,704 | — | |||||||||||||||||||||||
USD | 67,280 | HUF | 19,777,972 | 10/19 | CIT | 2,782 | — | |||||||||||||||||||||||
USD | 135,330 | HUF | 41,182,949 | 10/19 | GSC | 1,029 | — | |||||||||||||||||||||||
USD | 32,492 | HUF | 9,501,681 | 10/19 | HSB | 1,507 | — | |||||||||||||||||||||||
USD | 138,540 | HUF | 42,176,425 | 10/19 | JPM | 999 | — | |||||||||||||||||||||||
USD | 114,580 | IDR | 1,647,887,254 | 10/19 | BRC | — | (1,265 | ) | ||||||||||||||||||||||
USD | 169,769 | IDR | 2,471,830,881 | 10/19 | DUB | — | (3,998 | ) | ||||||||||||||||||||||
USD | 155,603 | IDR | 2,267,441,765 | 10/19 | HSB | — | (3,796 | ) | ||||||||||||||||||||||
USD | 43,467 | IDR | 632,015,382 | 10/19 | JPM | — | (963 | ) | ||||||||||||||||||||||
USD | 40,659 | IDR | 582,643,074 | 11/19 | DUB | — | (128 | ) | ||||||||||||||||||||||
USD | 160,782 | IDR | 2,286,000,000 | 11/19 | GSC | 754 | — | |||||||||||||||||||||||
USD | 16,350 | IDR | 232,902,978 | 11/19 | MER | 46 | — | |||||||||||||||||||||||
USD | 266,305 | IDR | 3,791,655,000 | 11/19 | SCB | 876 | — | |||||||||||||||||||||||
USD | 118,497 | IDR | 1,702,502,652 | 01/20 | DUB | 372 | — | |||||||||||||||||||||||
USD | 142,989 | IDR | 2,051,459,468 | 01/20 | GSC | 652 | — | |||||||||||||||||||||||
USD | 32,533 | IDR | 466,655,920 | 01/20 | SCB | 155 | — | |||||||||||||||||||||||
USD | 45,000 | ILS | 157,950 | 10/19 | MER | — | (513 | ) | ||||||||||||||||||||||
USD | 60,000 | INR | 4,281,300 | 10/19 | ANZ | — | (365 | ) | ||||||||||||||||||||||
USD | 20,000 | INR | 1,398,080 | 10/19 | GSC | 287 | — | |||||||||||||||||||||||
USD | 110,000 | INR | 7,938,150 | 10/19 | MSC | — | (1,926 | ) | ||||||||||||||||||||||
USD | 169,380 | INR | 12,286,264 | 11/19 | BNP | — | (3,240 | ) | ||||||||||||||||||||||
USD | 34,194 | MXN | 667,458 | 10/19 | BNP | 556 | — | |||||||||||||||||||||||
USD | 1,204,872 | MXN | 23,896,718 | 10/19 | BRC | 540 | — | |||||||||||||||||||||||
USD | 280,000 | MXN | 5,663,280 | 10/19 | BSC | — | (5,414 | ) | ||||||||||||||||||||||
USD | 101,380 | MXN | 1,966,743 | 10/19 | GSC | 2,261 | — | |||||||||||||||||||||||
USD | 164,194 | MXN | 3,215,239 | 10/19 | HSB | 2,154 | — | |||||||||||||||||||||||
USD | 145,000 | MYR | 611,204 | 10/19 | DUB | — | (806 | ) | ||||||||||||||||||||||
USD | 388,777 | MYR | 1,624,737 | 11/19 | DUB | 1,511 | — | |||||||||||||||||||||||
USD | 57,470 | PEN | 189,621 | 10/19 | HSB | 1,274 | — | |||||||||||||||||||||||
USD | 35,000 | PEN | 118,825 | 10/19 | MER | — | (215 | ) | ||||||||||||||||||||||
USD | 613,040 | PLN | 2,420,929 | 10/19 | BRC | 9,091 | — | |||||||||||||||||||||||
USD | 103,090 | PLN | 399,962 | 10/19 | CIT | 3,312 | — | |||||||||||||||||||||||
USD | 40,000 | PLN | 153,658 | 10/19 | DUB | 1,667 | — | |||||||||||||||||||||||
USD | 348,990 | PLN | 1,355,543 | 10/19 | HSB | 10,823 | — | |||||||||||||||||||||||
USD | 2,402 | PLN | 9,594 | 10/19 | JPM | 8 | — | |||||||||||||||||||||||
USD | 448,480 | PLN | 1,780,307 | 10/19 | MER | 4,347 | — | |||||||||||||||||||||||
USD | 34,500 | RON | 147,784 | 10/19 | HSB | 565 | — | |||||||||||||||||||||||
USD | 87,630 | RUB | 5,662,776 | 10/19 | BNP | 663 | — | |||||||||||||||||||||||
USD | 205,000 | RUB | 13,465,138 | 10/19 | DUB | — | (1,793 | ) | ||||||||||||||||||||||
USD | 20,000 | RUB | 1,284,446 | 10/19 | GSC | 274 | — | |||||||||||||||||||||||
USD | 65,000 | RUB | 4,301,700 | 10/19 | MER | — | (1,064 | ) | ||||||||||||||||||||||
USD | 713,159 | RUB | 47,336,329 | 10/19 | MSC | — | (13,815 | ) | ||||||||||||||||||||||
USD | 86,675 | THB | 2,653,826 | 11/19 | BRC | — | (191 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-45
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
USD | 181,310 | TRY | 1,060,014 | 10/19 | BNP | $— | ($4,392 | ) | ||||||||||||||||||||||||
USD | 20,000 | ZAR | 287,493 | 10/19 | CIT | 1,099 | — | |||||||||||||||||||||||||
USD | 28,754 | ZAR | 421,570 | 10/19 | HSB | 1,038 | — | |||||||||||||||||||||||||
USD | 278,190 | ZAR | 4,221,281 | 10/19 | MER | 661 | — | |||||||||||||||||||||||||
ZAR | 1,500,316 | USD | 104,965 | 10/19 | HSB | — | (6,327 | ) | ||||||||||||||||||||||||
ZAR | 5,511,041 | USD | 357,173 | 10/19 | MER | 5,151 | — | |||||||||||||||||||||||||
ZAR | 854,805 | USD | 57,487 | 10/19 | MSC | — | (1,288 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $249,748 | ($339,325 | ) | |||||||||||||||||||||||||||||
|
|
|
|
(f) | Swap agreements outstanding as of September 30, 2019 were as follows: |
Interest Rate Swaps – Long
Receive | Pay | Payment Frequency Receive Rate / Pay Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
2.400% | 6-Month PLN-WIBOR | A / S | LCH | 03/26/23 | PLN 1,060,000 | $9,836 | $— | $9,836 | ||||||||||||||||||||||||
3.021% | 7-DayCNY-RRR | Q / Q | LCH | 05/15/24 | CNY 11,000,000 | 9,292 | — | 9,292 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$19,128 | $— | $19,128 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps – Short
Pay | Receive | Payment Frequency Receive Rate / Pay Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
7.005% | 28-Day MXN-TIIE | L / L | CME | 09/15/21 | MXN 33,000,000 | ($9,661 | ) | $— | ($9,661 | ) | ||||||||||||||||||||||
6.600% | 6-Month INR-MIBOR | S /S | LCH | 12/13/23 | INR 66,000,000 | (56,554 | ) | — | (56,554 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($66,215 | ) | $— | ($66,215 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps |
| ($47,087 | ) | $— | ($47,087 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps
Upfront Premium Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
Centrally Cleared Swap Agreements (1) | ||||||||
Assets | $— | $19,128 | ||||||
Liabilities | — | (66,215 | ) | |||||
|
|
|
| |||||
$— | ($47,087 | ) | ||||||
|
|
|
|
(1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-46
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(g) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $12,388,678 | $— | $12,388,678 | $— | |||||||||||||
Senior Loan Notes | 602,875 | — | 602,875 | — | ||||||||||||||
Foreign Government Bonds & Notes | 45,453,942 | — | 45,453,942 | — | ||||||||||||||
Short-Term Investments | 2,369,388 | 1,947,792 | 421,596 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 249,748 | — | 249,748 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 19,128 | — | 19,128 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 268,876 | — | 268,876 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 61,083,759 | 1,947,792 | 59,135,967 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (339,325 | ) | — | (339,325 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (66,215 | ) | — | (66,215 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (405,540 | ) | — | (405,540 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (405,540 | ) | — | (405,540 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $60,678,219 | $1,947,792 | $58,730,427 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-47
Table of Contents
PACIFIC FUNDS
PF DEVELOPING GROWTH FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.9% | ||||||||
Communications - 8.8% | ||||||||
Acacia Communications Inc * | 1,262 | $82,535 | ||||||
Anaplan Inc * | 2,810 | 132,070 | ||||||
Etsy Inc * | 3,126 | 176,619 | ||||||
Q2 Holdings Inc * | 1,672 | 131,871 | ||||||
Roku Inc * | 1,767 | 179,810 | ||||||
Stitch Fix Inc ‘A’ * | 5,504 | 105,952 | ||||||
The RealReal Inc * | 11,043 | 246,921 | ||||||
Wix.com Ltd (Israel) * | 1,343 | 156,782 | ||||||
|
| |||||||
1,212,560 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.4% | ||||||||
BJ’s Wholesale Club Holdings Inc * | 7,372 | 190,714 | ||||||
Floor & Decor Holdings Inc ‘A’ * | 2,627 | 134,371 | ||||||
Fox Factory Holding Corp * | 1,769 | 110,103 | ||||||
Freshpet Inc * | 822 | 40,911 | ||||||
LGI Homes Inc * | 2,640 | 219,965 | ||||||
Malibu Boats Inc ‘A’ * | 3,828 | 117,443 | ||||||
Planet Fitness Inc ‘A’ * | 2,336 | 135,184 | ||||||
The Lovesac Co * | 3,684 | 68,780 | ||||||
Wingstop Inc | 1,919 | 167,490 | ||||||
YETI Holdings Inc * | 9,121 | 255,388 | ||||||
|
| |||||||
1,440,349 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 40.5% | ||||||||
10X Genomics Inc ‘A’ * | 1,990 | 100,296 | ||||||
ACADIA Pharmaceuticals Inc * | 3,529 | 127,009 | ||||||
Allogene Therapeutics Inc * | 1,956 | 53,311 | ||||||
Amarin Corp PLC ADR (Ireland) * | 6,704 | 101,633 | ||||||
Argenx SE ADR (Netherlands) * | 990 | 112,820 | ||||||
Audentes Therapeutics Inc * | 2,504 | 70,337 | ||||||
Avalara Inc * | 3,408 | 229,324 | ||||||
Blueprint Medicines Corp * | 3,166 | 232,606 | ||||||
Bridgebio Pharma Inc * | 4,563 | 97,968 | ||||||
Bright Horizons Family Solutions Inc * | 1,716 | 261,690 | ||||||
Calavo Growers Inc | 1,794 | 170,753 | ||||||
CareDx Inc * | 7,640 | 172,740 | ||||||
Chegg Inc * | 5,568 | 166,762 | ||||||
Coherus Biosciences Inc * | 11,817 | 239,412 | ||||||
CRISPR Therapeutics AG (Switzerland) * | 1,568 | 64,272 | ||||||
Denali Therapeutics Inc * | 4,240 | 64,957 | ||||||
Glaukos Corp * | 4,542 | 283,920 | ||||||
Grand Canyon Education Inc * | 1,734 | 170,279 | ||||||
Guardant Health Inc * | 996 | 63,575 | ||||||
GW Pharmaceuticals PLC ADR (United Kingdom) * | 1,032 | 118,711 | ||||||
Insperity Inc | 1,219 | 120,218 | ||||||
Inspire Medical Systems Inc * | 4,349 | 265,376 | ||||||
Insulet Corp * | 1,033 | 170,373 | ||||||
Invitae Corp * | 7,160 | 137,973 | ||||||
iRhythm Technologies Inc * | 2,233 | 165,488 | ||||||
Masimo Corp * | 780 | 116,056 | ||||||
Mirati Therapeutics Inc * | 1,613 | 125,669 | ||||||
Nevro Corp * | 2,970 | 255,331 | ||||||
Paylocity Holding Corp * | 1,905 | 185,890 | ||||||
Penumbra Inc * | 1,624 | 218,412 | ||||||
Repligen Corp * | 3,765 | 288,738 | ||||||
Sage Therapeutics Inc * | 505 | 70,846 | ||||||
Sarepta Therapeutics Inc * | 532 | 40,070 | ||||||
Strategic Education Inc | 910 | 123,651 | ||||||
Tactile Systems Technology Inc * | 208 | 8,802 | ||||||
Tandem Diabetes Care Inc * | 4,618 | 272,370 | ||||||
Teladoc Health Inc * | 1,239 | 83,905 | ||||||
uniQure NV (Netherlands) * | 1,684 | 66,282 | ||||||
|
| |||||||
5,617,825 | ||||||||
|
|
Shares | Value | |||||||
Energy - 2.2% | ||||||||
Enphase Energy Inc * | 3,508 | $77,983 | ||||||
SolarEdge Technologies Inc * | 1,344 | 112,520 | ||||||
SunPower Corp * | 10,325 | 113,265 | ||||||
|
| |||||||
303,768 | ||||||||
|
| |||||||
Financial - 4.0% | ||||||||
Assetmark Financial Holdings Inc * | 5,413 | 141,009 | ||||||
eHealth Inc * | 2,670 | 178,329 | ||||||
Evercore Inc ‘A’ | 799 | 64,000 | ||||||
Goosehead Insurance Inc ‘A’ | 3,479 | 171,689 | ||||||
|
| |||||||
555,027 | ||||||||
|
| |||||||
Industrial - 10.9% | ||||||||
Axon Enterprise Inc * | 1,770 | 100,501 | ||||||
Cactus Inc ‘A’ * | 2,899 | 83,897 | ||||||
Chart Industries Inc * | 1,234 | 76,952 | ||||||
Federal Signal Corp | 3,527 | 115,474 | ||||||
Generac Holdings Inc * | 4,512 | 353,470 | ||||||
MasTec Inc * | 1,682 | 109,212 | ||||||
Novanta Inc * | 954 | 77,961 | ||||||
NV5 Global Inc * | 1,543 | 105,341 | ||||||
OSI Systems Inc * | 1,070 | 108,669 | ||||||
RBC Bearings Inc * | 925 | 153,467 | ||||||
Trex Co Inc * | 2,532 | 230,235 | ||||||
|
| |||||||
1,515,179 | ||||||||
|
| |||||||
Technology - 21.1% | ||||||||
Alteryx Inc ‘A’ * | 1,913 | 205,514 | ||||||
Appian Corp * | 3,782 | 179,645 | ||||||
Coupa Software Inc * | 1,522 | 197,205 | ||||||
Cubic Corp | 3,064 | 215,797 | ||||||
Elastic NV * | 1,753 | 144,342 | ||||||
Five9 Inc * | 4,092 | 219,904 | ||||||
Globant SA (Argentina) * | 1,704 | 156,052 | ||||||
HubSpot Inc * | 768 | 116,436 | ||||||
HUYA Inc ADR (China) * | 4,089 | 96,664 | ||||||
Inphi Corp * | 4,370 | 266,788 | ||||||
LivePerson Inc * | 1,937 | 69,151 | ||||||
Medallia Inc * | 4,370 | 119,869 | ||||||
MKS Instruments Inc | 1,164 | 107,414 | ||||||
Monolithic Power Systems Inc | 953 | 148,315 | ||||||
Semtech Corp * | 2,511 | 122,060 | ||||||
Silicon Laboratories Inc * | 1,770 | 197,089 | ||||||
SVMK Inc * | 9,171 | 156,824 | ||||||
Verra Mobility Corp * | 14,126 | 202,708 | ||||||
|
| |||||||
2,921,777 | ||||||||
|
| |||||||
Total Common Stocks | 13,566,485 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.4% | ||||||||
Money Market Fund - 2.4% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio | 335,268 | 335,268 | ||||||
|
| |||||||
Total Short-Term Investment | 335,268 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% | 13,901,753 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) | (35,486 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $13,866,267 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-48
Table of Contents
PACIFIC FUNDS
PF DEVELOPING GROWTH FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-Cyclical | 40.5% | |||
Technology | 21.1% | |||
Industrial | 10.9% | |||
Consumer, Cyclical | 10.4% | |||
Communications | 8.8% | |||
Financial | 4.0% | |||
Others (each less than 3.0%) | 4.6% | |||
|
| |||
100.3% | ||||
Other Assets & Liabilities, Net | (0.3% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $13,566,485 | $13,566,485 | $— | $— | |||||||||||||
Short-Term Investment | 335,268 | 335,268 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $13,901,753 | $13,901,753 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-49
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 99.0% | ||||||||
Basic Materials - 1.8% | ||||||||
The Sherwin-Williams Co | 5,740 | $3,156,254 | ||||||
|
| |||||||
Communications - 17.8% | ||||||||
Alibaba Group Holding Ltd ADR (China) * | 3,590 | 600,356 | ||||||
Alphabet Inc ‘A’ * | 5,838 | 7,129,015 | ||||||
Alphabet Inc ‘C’ * | 2,346 | 2,859,774 | ||||||
Amazon.com Inc * | 5,575 | 9,677,698 | ||||||
Booking Holdings Inc * | 145 | 284,579 | ||||||
Charter Communications Inc ‘A’ * | 4,656 | 1,918,831 | ||||||
Comcast Corp ‘A’ | 29,224 | 1,317,418 | ||||||
Facebook Inc ‘A’ * | 24,262 | 4,320,577 | ||||||
Netflix Inc * | 10,265 | 2,747,119 | ||||||
Shopify Inc ‘A’ (Canada) * | 582 | 181,386 | ||||||
Spotify Technology SA * | 2,263 | 257,982 | ||||||
|
| |||||||
31,294,735 | ||||||||
|
| |||||||
Consumer, Cyclical - 7.5% | ||||||||
Chipotle Mexican Grill Inc * | 1,085 | 911,910 | ||||||
Costco Wholesale Corp | 5,309 | 1,529,576 | ||||||
Dollar General Corp | 8,082 | 1,284,553 | ||||||
Dollar Tree Inc * | 10,741 | 1,226,193 | ||||||
Hilton Worldwide Holdings Inc | 8,557 | 796,742 | ||||||
Lululemon Athletica Inc * | 3,299 | 635,157 | ||||||
Marriott International Inc ‘A’ | 10,806 | 1,343,942 | ||||||
NIKE Inc ‘B’ | 24,272 | 2,279,626 | ||||||
Ross Stores Inc | 18,022 | 1,979,717 | ||||||
Starbucks Corp | 11,234 | 993,310 | ||||||
Wynn Resorts Ltd | 2,540 | 276,149 | ||||||
|
| |||||||
13,256,875 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 25.2% | ||||||||
Abbott Laboratories | 26,421 | 2,210,645 | ||||||
Boston Scientific Corp * | 47,513 | 1,933,304 | ||||||
Colgate-Palmolive Co | 29,994 | 2,204,859 | ||||||
Constellation Brands Inc ‘A’ | 7,053 | 1,461,946 | ||||||
CoStar Group Inc * | 691 | 409,901 | ||||||
Danaher Corp | 27,543 | 3,978,035 | ||||||
Edwards Lifesciences Corp * | 6,419 | 1,411,602 | ||||||
Eli Lilly & Co | 6,326 | 707,437 | ||||||
FleetCor Technologies Inc * | 6,940 | 1,990,253 | ||||||
Global Payments Inc | 24,874 | 3,954,966 | ||||||
IHS Markit Ltd * | 11,105 | 742,702 | ||||||
Illumina Inc * | 2,688 | 817,743 | ||||||
Medtronic PLC | 27,843 | 3,024,307 | ||||||
Monster Beverage Corp * | 5,155 | 299,299 | ||||||
PayPal Holdings Inc * | 17,902 | 1,854,468 | ||||||
Pernod Ricard SA (France) | 2,326 | 413,985 | ||||||
Square Inc ‘A’ * | 10,011 | 620,181 | ||||||
Stryker Corp | 5,489 | 1,187,271 | ||||||
The Estee Lauder Cos Inc ‘A’ | 7,629 | 1,517,790 | ||||||
Thermo Fisher Scientific Inc | 16,638 | 4,846,150 | ||||||
TransUnion | 13,614 | 1,104,232 | ||||||
Verisk Analytics Inc | 20,230 | 3,199,172 | ||||||
Vertex Pharmaceuticals Inc * | 6,466 | 1,095,470 | ||||||
Zoetis Inc | 26,775 | 3,335,897 | ||||||
|
| |||||||
44,321,615 | ||||||||
|
| |||||||
Energy - 0.3% | ||||||||
Pioneer Natural Resources Co | 3,440 | 432,649 | ||||||
|
| |||||||
Financial - 13.7% |
| |||||||
American Tower Corp REIT | 14,883 | 3,291,078 | ||||||
Aon PLC | 14,780 | 2,860,965 | ||||||
Intercontinental Exchange Inc | 19,713 | 1,818,919 |
Shares | Value | |||||||
Mastercard Inc ‘A’ | 27,631 | $7,503,751 | ||||||
Visa Inc ‘A’ | 50,496 | 8,685,817 | ||||||
|
| |||||||
24,160,530 | ||||||||
|
| |||||||
Industrial - 7.0% | ||||||||
AMETEK Inc | 17,050 | 1,565,531 | ||||||
Amphenol Corp ‘A’ | 16,451 | 1,587,522 | ||||||
Canadian Pacific Railway Ltd (Canada) | 6,409 | 1,425,746 | ||||||
Fortive Corp | 13,623 | 933,993 | ||||||
Roper Technologies Inc | 6,737 | 2,402,414 | ||||||
Union Pacific Corp | 9,857 | 1,596,637 | ||||||
Vulcan Materials Co | 18,812 | 2,845,127 | ||||||
|
| |||||||
12,356,970 | ||||||||
|
| |||||||
Technology - 25.7% | ||||||||
Adobe Inc * | 26,369 | 7,284,436 | ||||||
Analog Devices Inc | 9,617 | 1,074,507 | ||||||
Apple Inc | 12,610 | 2,824,262 | ||||||
Black Knight Inc * | 5,704 | 348,286 | ||||||
Electronic Arts Inc * | 20,671 | 2,022,037 | ||||||
Fidelity National Information Services Inc | 27,429 | 3,641,474 | ||||||
Fiserv Inc * | 42,196 | 4,371,084 | ||||||
Intuit Inc | 12,312 | 3,274,253 | ||||||
Microsoft Corp | 96,683 | 13,441,837 | ||||||
MSCI Inc | 9,247 | 2,013,534 | ||||||
salesforce.com Inc * | 24,229 | 3,596,553 | ||||||
Take-Two Interactive Software Inc * | 9,463 | 1,186,092 | ||||||
|
| |||||||
45,078,355 | ||||||||
|
| |||||||
Total Common Stocks | 174,057,983 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.2% | ||||||||
Money Market Fund - 1.2% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio | 2,001,565 | 2,001,565 | ||||||
|
| |||||||
Total Short-Term Investment | 2,001,565 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 176,059,548 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (284,317 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $175,775,231 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Technology | 25.7% | |||
Consumer,Non-Cyclical | 25.2% | |||
Communications | 17.8% | |||
Financial | 13.7% | |||
Consumer, Cyclical | 7.5% | |||
Industrial | 7.0% | |||
Others (each less than 3.0%) | 3.3% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-50
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $3,156,254 | $3,156,254 | $— | $— | ||||||||||||||
Communications | 31,294,735 | 31,294,735 | — | — | ||||||||||||||
Consumer, Cyclical | 13,256,875 | 13,256,875 | — | — | ||||||||||||||
Consumer,Non-Cyclical | 44,321,615 | 43,907,630 | 413,985 | — | ||||||||||||||
Energy | 432,649 | 432,649 | — | — | ||||||||||||||
Financial | 24,160,530 | 24,160,530 | — | — | ||||||||||||||
Industrial | 12,356,970 | 12,356,970 | — | — | ||||||||||||||
Technology | 45,078,355 | 45,078,355 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 174,057,983 | 173,643,998 | 413,985 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 2,001,565 | 2,001,565 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $176,059,548 | $175,645,563 | $413,985 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-51
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.3% | ||||||||
Basic Materials - 3.4% | ||||||||
Air Products & Chemicals Inc | 14,905 | $3,306,823 | ||||||
PPG Industries Inc | 19,826 | 2,349,579 | ||||||
|
| |||||||
5,656,402 | ||||||||
|
| |||||||
Communications - 14.6% | ||||||||
AT&T Inc | 89,640 | 3,391,978 | ||||||
Charter Communications Inc ‘A’ * | 10,918 | 4,499,526 | ||||||
Comcast Corp ‘A’ | 132,971 | 5,994,333 | ||||||
DISH Network Corp ‘A’ * | 97,202 | 3,311,672 | ||||||
Fox Corp ‘B’ | 59,275 | 1,869,534 | ||||||
Motorola Solutions Inc | 29,998 | 5,111,959 | ||||||
|
| |||||||
24,179,002 | ||||||||
|
| |||||||
Consumer, Cyclical - 2.4% | ||||||||
The Home Depot Inc | 16,879 | 3,916,266 | ||||||
|
| |||||||
Consumer,Non-Cyclical - 17.6% |
| |||||||
AmerisourceBergen Corp | 22,807 | 1,877,700 | ||||||
Amgen Inc | 10,771 | 2,084,296 | ||||||
Anheuser-Busch InBev SA/NV ADR (Belgium) | 34,336 | 3,267,070 | ||||||
Anthem Inc | 15,465 | 3,713,147 | ||||||
CVS Health Corp | 30,885 | 1,947,917 | ||||||
Johnson & Johnson | 24,375 | 3,153,637 | ||||||
Merck & Co Inc | 50,281 | 4,232,655 | ||||||
Novartis AG ADR (Switzerland) | 20,771 | 1,805,000 | ||||||
Pfizer Inc | 53,358 | 1,917,153 | ||||||
Philip Morris International Inc | 33,284 | 2,527,254 | ||||||
UnitedHealth Group Inc | 11,604 | 2,521,781 | ||||||
|
| |||||||
29,047,610 | ||||||||
|
| |||||||
Energy - 8.0% | ||||||||
Chevron Corp | 27,141 | 3,218,923 | ||||||
Enterprise Products Partners LP | 71,690 | 2,048,900 | ||||||
Exxon Mobil Corp | 36,486 | 2,576,276 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 35,540 | 2,091,529 | ||||||
Suncor Energy Inc (Canada) | 103,485 | 3,268,056 | ||||||
|
| |||||||
13,203,684 | ||||||||
|
| |||||||
Financial - 25.5% | ||||||||
American Express Co | 35,803 | 4,234,779 | ||||||
American Tower Corp REIT | 21,194 | 4,686,629 | ||||||
Bank of America Corp | 158,579 | 4,625,749 | ||||||
Berkshire Hathaway Inc ‘B’ * | 12,300 | 2,558,646 | ||||||
JPMorgan Chase & Co | 64,984 | 7,647,967 | ||||||
Marsh & McLennan Cos Inc | 30,659 | 3,067,433 | ||||||
The Bank of New York Mellon Corp | 34,679 | 1,567,838 | ||||||
The Charles Schwab Corp | 46,629 | 1,950,491 | ||||||
The Progressive Corp | 27,338 | 2,111,861 | ||||||
The Travelers Cos Inc | 18,233 | 2,711,065 | ||||||
US Bancorp | 86,840 | 4,805,726 | ||||||
Wells Fargo & Co | 44,866 | 2,263,041 | ||||||
|
| |||||||
42,231,225 | ||||||||
|
| |||||||
Industrial - 16.3% | ||||||||
Deere & Co | 15,287 | 2,578,611 | ||||||
Honeywell International Inc | 28,317 | 4,791,236 | ||||||
Illinois Tool Works Inc | 20,405 | 3,193,178 | ||||||
Martin Marietta Materials Inc | 11,187 | 3,066,357 | ||||||
TE Connectivity Ltd | 46,527 | 4,335,386 | ||||||
United Parcel Service Inc ‘B’ | 32,725 | 3,921,109 | ||||||
United Technologies Corp | 37,357 | 5,099,978 | ||||||
|
| |||||||
26,985,855 | ||||||||
|
|
Shares | Value | |||||||
Technology - 7.4% | ||||||||
Apple Inc | 10,680 | $2,392,000 | ||||||
Microsoft Corp | 38,887 | 5,406,460 | ||||||
Oracle Corp | 61,864 | 3,404,376 | ||||||
Xerox Holdings Corp | 32,698 | 977,997 | ||||||
|
| |||||||
12,180,833 | ||||||||
|
| |||||||
Utilities - 3.1% | ||||||||
Edison International | 23,573 | 1,777,876 | ||||||
Sempra Energy | 22,485 | 3,319,011 | ||||||
|
| |||||||
5,096,887 | ||||||||
|
| |||||||
Total Common Stocks | 162,497,764 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.7% | ||||||||
Money Market Fund - 1.7% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio | 2,742,471 | 2,742,471 | ||||||
|
| |||||||
Total Short-Term Investment | 2,742,471 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 165,240,235 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 49,155 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $165,289,390 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 25.5% | |||
Consumer,Non-Cyclical | 17.6% | |||
Industrial | 16.3% | |||
Communications | 14.6% | |||
Energy | 8.0% | |||
Technology | 7.4% | |||
Basic Materials | 3.4% | |||
Utilities | 3.1% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | 0.0% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-52
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $162,497,764 | $162,497,764 | $— | $— | |||||||||||||
Short-Term Investment | 2,742,471 | 2,742,471 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $165,240,235 | $165,240,235 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-53
Table of Contents
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.1% | ||||||||
Basic Materials - 2.8% | ||||||||
CF Industries Holdings Inc | 1,600 | $78,720 | ||||||
Eastman Chemical Co | 1,495 | 110,376 | ||||||
Huntsman Corp | 4,400 | 102,344 | ||||||
|
| |||||||
291,440 | ||||||||
|
| |||||||
Communications - 8.5% | ||||||||
Ciena Corp * | 1,500 | 58,845 | ||||||
Discovery Inc ‘A’ * | 5,735 | 152,723 | ||||||
eBay Inc | 2,876 | 112,106 | ||||||
Expedia Group Inc | 1,180 | 158,604 | ||||||
GrubHub Inc * | 1,000 | 56,210 | ||||||
LogMeIn Inc | 1,400 | 99,344 | ||||||
RingCentral Inc ‘A’ * | 1,290 | 162,101 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 1,800 | 76,932 | ||||||
|
| |||||||
876,865 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.4% | ||||||||
Alaska Air Group Inc | 1,970 | 127,873 | ||||||
Aramark | 2,840 | 123,767 | ||||||
Best Buy Co Inc | 1,490 | 102,795 | ||||||
Lululemon Athletica Inc * | 875 | 168,464 | ||||||
Pool Corp | 610 | 123,037 | ||||||
PulteGroup Inc | 2,150 | 78,582 | ||||||
PVH Corp | 1,235 | 108,964 | ||||||
Royal Caribbean Cruises Ltd | 1,260 | 136,496 | ||||||
|
| |||||||
969,978 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 24.1% | ||||||||
Amicus Therapeutics Inc * | 4,850 | 38,897 | ||||||
Booz Allen Hamilton Holding Corp | 2,040 | 144,881 | ||||||
Euronet Worldwide Inc * | 1,128 | 165,026 | ||||||
General Mills Inc | 1,625 | 89,570 | ||||||
Hill-Rom Holdings Inc | 1,200 | 126,276 | ||||||
Horizon Therapeutics PLC * | 3,275 | 89,178 | ||||||
Ionis Pharmaceuticals Inc * | 1,800 | 107,838 | ||||||
Jazz Pharmaceuticals PLC * | 995 | 127,499 | ||||||
Lamb Weston Holdings Inc | 2,265 | 164,711 | ||||||
ManpowerGroup Inc | 1,375 | 115,830 | ||||||
MarketAxess Holdings Inc | 370 | 121,175 | ||||||
Neurocrine Biosciences Inc * | 1,310 | 118,044 | ||||||
Post Holdings Inc * | 1,400 | 148,176 | ||||||
Quanta Services Inc | 3,850 | 145,530 | ||||||
Service Corp International | 4,100 | �� | 196,021 | |||||
Syneos Health Inc * | 2,330 | 123,979 | ||||||
Teleflex Inc | 500 | 169,875 | ||||||
The Cooper Cos Inc | 600 | 178,200 | ||||||
Tyson Foods Inc ‘A’ | 1,340 | 115,428 | ||||||
|
| |||||||
2,486,134 | ||||||||
|
| |||||||
Energy - 3.5% | ||||||||
Diamondback Energy Inc | 1,715 | 154,196 | ||||||
Marathon Petroleum Corp | 1,956 | 118,827 | ||||||
WPX Energy Inc * | 8,786 | 93,044 | ||||||
|
| |||||||
366,067 | ||||||||
|
| |||||||
Financial - 21.5% | ||||||||
Air Lease Corp | 1,935 | 80,922 | ||||||
Alleghany Corp * | 265 | 211,406 | ||||||
AvalonBay Communities Inc REIT | 625 | 134,581 | ||||||
Boston Properties Inc REIT | 1,050 | 136,143 | ||||||
Discover Financial Services | 1,850 | 150,017 | ||||||
Douglas Emmett Inc REIT | 3,200 | 137,056 | ||||||
E*TRADE Financial Corp | 2,668 | 116,565 | ||||||
Equity LifeStyle Properties Inc REIT | 825 | 110,220 | ||||||
Everest Re Group Ltd | 540 | 143,688 | ||||||
Highwoods Properties Inc REIT | 2,700 | 121,338 |
Shares | Value | |||||||
Hudson Pacific Properties Inc REIT | 3,500 | $117,110 | ||||||
Mid-America Apartment Communities Inc REIT | 1,066 | 138,591 | ||||||
Raymond James Financial Inc | 1,400 | 115,444 | ||||||
Ryman Hospitality Properties Inc REIT | 1,261 | 103,162 | ||||||
SunTrust Banks Inc | 2,600 | 178,880 | ||||||
Western Alliance Bancorp | 2,000 | 92,160 | ||||||
Zions Bancorp NA | 2,800 | 124,656 | ||||||
|
| |||||||
2,211,939 | ||||||||
|
| |||||||
Industrial - 13.3% | ||||||||
Acuity Brands Inc | 750 | 101,092 | ||||||
Graphic Packaging Holding Co | 5,700 | 84,075 | ||||||
Hubbell Inc | 850 | 111,690 | ||||||
Ingersoll-Rand PLC | 1,196 | 147,359 | ||||||
ITT Inc | 1,800 | 110,142 | ||||||
Kirby Corp * | 1,400 | 115,024 | ||||||
Martin Marietta Materials Inc | 480 | 131,568 | ||||||
PerkinElmer Inc | 1,300 | 110,721 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 1,325 | 108,968 | ||||||
Stanley Black & Decker Inc | 1,000 | 144,410 | ||||||
Textron Inc | 2,130 | 104,285 | ||||||
Waste Management Inc | 926 | 106,490 | ||||||
|
| |||||||
1,375,824 | ||||||||
|
| |||||||
Technology - 9.1% | ||||||||
Analog Devices Inc | 1,285 | 143,573 | ||||||
Nuance Communications Inc * | 6,500 | 106,015 | ||||||
NXP Semiconductors NV (Netherlands) | 1,024 | 111,739 | ||||||
RealPage Inc * | 1,800 | 113,148 | ||||||
Synopsys Inc * | 1,315 | 180,484 | ||||||
Take-Two Interactive Software Inc * | 1,200 | 150,408 | ||||||
Zebra Technologies Corp ‘A’ * | 630 | 130,013 | ||||||
|
| |||||||
935,380 | ||||||||
|
| |||||||
Utilities - 5.9% | ||||||||
Ameren Corp | 2,670 | 213,734 | ||||||
CMS Energy Corp | 3,300 | 211,035 | ||||||
Public Service Enterprise Group Inc | 2,921 | 181,336 | ||||||
|
| |||||||
606,105 | ||||||||
|
| |||||||
Total Common Stocks |
| 10,119,732 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.9% |
| |||||||
Money Market Fund - 1.9% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio | 192,346 | 192,346 | ||||||
|
| |||||||
Total Short-Term Investment |
| 192,346 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 10,312,078 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) | (3,215 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $10,308,863 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-54
Table of Contents
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-Cyclical | 24.1% | |||
Financial | 21.5% | |||
Industrial | 13.3% | |||
Consumer, Cyclical | 9.4% | |||
Technology | 9.1% | |||
Communications | 8.5% | |||
Utilities | 5.9% | |||
Energy | 3.5% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $10,119,732 | $10,119,732 | $— | $— | |||||||||||||
Short-Term Investment | 192,346 | 192,346 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $10,312,078 | $10,312,078 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-55
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 45.6% |
| |||||||
Basic Materials - 0.8% |
| |||||||
Anglo American Capital PLC (South Africa) | $1,600,000 | $1,632,720 | ||||||
DuPont de Nemours Inc | 5,000,000 | 5,068,406 | ||||||
Glencore Funding LLC (Switzerland) | 1,600,000 | 1,617,008 | ||||||
|
| |||||||
8,318,134 | ||||||||
|
| |||||||
Communications - 2.0% |
| |||||||
AT&T Inc | ||||||||
3.000% due 06/30/22 | 3,200,000 | 3,268,924 | ||||||
3.253% (USD LIBOR + 0.950%) | 1,800,000 | 1,816,372 | ||||||
3.312% (USD LIBOR + 1.180%) | 3,750,000 | 3,821,199 | ||||||
Comcast Corp | 2,500,000 | 2,575,260 | ||||||
eBay Inc | 3,060,000 | 3,170,911 | ||||||
Sprint Spectrum Co LLC | 2,600,000 | 2,616,250 | ||||||
Verizon Communications Inc | 4,800,000 | 4,873,929 | ||||||
|
| |||||||
22,142,845 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.8% |
| |||||||
Alimentation Couche-Tard Inc (Canada) |
| |||||||
2.350% due 12/13/19 ~ | 4,200,000 | 4,200,712 | ||||||
2.700% due 07/26/22 ~ | 2,000,000 | 2,015,728 | ||||||
Daimler Finance North America LLC (Germany) | ||||||||
2.300% due 02/12/21 ~ | 4,500,000 | 4,504,730 | ||||||
2.600% (USD LIBOR + 0.450%) | 1,500,000 | 1,500,204 | ||||||
3.750% due 11/05/21 ~ | 2,900,000 | 2,982,467 | ||||||
Ford Motor Credit Co LLC | ||||||||
2.681% due 01/09/20 | 3,200,000 | 3,199,990 | ||||||
3.336% due 03/18/21 | 2,000,000 | 2,009,854 | ||||||
3.367% (USD LIBOR + 1.080%) | 3,200,000 | 3,132,634 | ||||||
General Motors Financial Co Inc | ||||||||
3.414% (USD LIBOR + 1.310%) | 1,700,000 | 1,701,519 | ||||||
4.200% due 03/01/21 | 3,000,000 | 3,065,443 | ||||||
Las Vegas Sands Corp | 2,100,000 | 2,141,727 | ||||||
Marriott International Inc | 3,000,000 | 3,011,806 | ||||||
Nissan Motor Acceptance Corp | ||||||||
2.650% due 07/13/22 ~ | 2,033,000 | 2,044,366 | ||||||
2.789% (USD LIBOR + 0.630%) | 2,500,000 | 2,500,554 | ||||||
2.953% (USD LIBOR + 0.650%) | 1,700,000 | 1,696,137 | ||||||
Toyota Motor Credit Corp | 3,500,000 | 3,516,420 | ||||||
Volkswagen Group of America Finance LLC (Germany) | 5,000,000 | 5,082,257 | ||||||
Walmart Inc | 3,050,000 | 3,213,358 | ||||||
|
| |||||||
51,519,906 | ||||||||
|
|
Principal Amount | Value | |||||||
Consumer,Non-Cyclical - 7.6% |
| |||||||
Altria Group Inc | $1,650,000 | $1,693,057 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 3,416,000 | 3,553,293 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | 1,300,000 | 1,374,252 | ||||||
AstraZeneca PLC (United Kingdom) | 2,400,000 | 2,389,745 | ||||||
BAT Capital Corp (United Kingdom) | 2,500,000 | 2,524,592 | ||||||
BAT International Finance PLC (United Kingdom) | 3,200,000 | 3,284,646 | ||||||
Bayer US Finance II LLC (Germany) | ||||||||
3.129% (USD LIBOR + 1.010%) | 2,000,000 | 2,002,595 | ||||||
3.500% due 06/25/21 ~ | 1,750,000 | 1,785,490 | ||||||
Bristol-Myers Squibb Co | 2,100,000 | 2,168,359 | ||||||
Cigna Corp | ||||||||
3.193% (USD LIBOR + 0.890%) | 5,450,000 | 5,465,163 | ||||||
3.200% due 09/17/20 | 8,000,000 | 8,079,350 | ||||||
Conagra Brands Inc | 2,000,000 | 2,000,435 | ||||||
Constellation Brands Inc | 2,500,000 | 2,500,035 | ||||||
Danone SA (France) | 2,500,000 | 2,496,987 | ||||||
General Mills Inc | 7,061,000 | 7,116,674 | ||||||
Imperial Brands Finance PLC (United Kingdom) | 4,200,000 | 4,215,893 | ||||||
Keurig Dr Pepper Inc | 7,000,000 | 7,156,797 | ||||||
Moody’s Corp | 3,000,000 | 3,061,046 | ||||||
PayPal Holdings Inc | 7,500,000 | 7,522,643 | ||||||
Reynolds American Inc (United Kingdom) | 2,347,000 | 2,362,139 | ||||||
Smithfield Foods Inc | 2,500,000 | 2,508,875 | ||||||
UnitedHealth Group Inc | ||||||||
2.375% due 10/15/22 | 4,400,000 | 4,448,068 | ||||||
3.350% due 07/15/22 | 2,300,000 | 2,384,018 | ||||||
|
| |||||||
82,094,152 | ||||||||
|
| |||||||
Energy - 2.4% |
| |||||||
Energy Transfer Operating LP |
| |||||||
3.600% due 02/01/23 | 3,400,000 | 3,494,936 | ||||||
4.250% due 03/15/23 | 1,519,000 | 1,588,299 | ||||||
4.500% due 04/15/24 | 900,000 | 959,619 | ||||||
Enterprise Products Operating LLC | 2,100,000 | 2,119,407 | ||||||
Exxon Mobil Corp | 2,750,000 | 2,761,490 | ||||||
Kinder Morgan Energy Partners LP | 2,000,000 | 2,082,709 | ||||||
Kinder Morgan Inc | 2,000,000 | 2,222,646 | ||||||
Midwest Connector Capital Co LLC | 1,250,000 | 1,282,732 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-56
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
MPLX LP | ||||||||
3.002% (USD LIBOR + 0.900%) | $2,000,000 | $2,006,919 | ||||||
3.375% due 03/15/23 | 1,500,000 | 1,540,907 | ||||||
3.500% due 12/01/22 ~ | 1,606,000 | 1,652,847 | ||||||
Occidental Petroleum Corp | 4,150,000 | 4,177,542 | ||||||
|
| |||||||
25,890,053 | ||||||||
|
| |||||||
Financial - 23.1% |
| |||||||
AerCap Ireland Capital DAC (Ireland) | 960,000 | 991,927 | ||||||
AIG Global Funding | 2,000,000 | 2,006,459 | ||||||
Air Lease Corp | ||||||||
2.625% due 07/01/22 | 1,500,000 | 1,509,070 | ||||||
3.500% due 01/15/22 | 2,650,000 | 2,718,931 | ||||||
American Express Co | ||||||||
2.500% due 07/30/24 | 2,100,000 | 2,118,531 | ||||||
2.782% (USD LIBOR + 0.650%) | 5,000,000 | 5,011,781 | ||||||
3.700% due 11/05/21 | 3,050,000 | 3,150,000 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | 2,500,000 | 2,512,260 | ||||||
Banco Santander SA (Spain) | 2,900,000 | 2,934,098 | ||||||
Bank of America Corp | ||||||||
2.503% due 10/21/22 | 600,000 | 604,572 | ||||||
3.438% (USD LIBOR + 1.160%) | 9,321,000 | 9,437,150 | ||||||
Capital One Financial Corp | 5,000,000 | 5,091,766 | ||||||
Capital One NA | 2,000,000 | 1,999,152 | ||||||
Citibank NA | 6,000,000 | 6,081,913 | ||||||
Citigroup Inc | ||||||||
2.750% due 04/25/22 | 1,800,000 | 1,827,464 | ||||||
3.236% (USD LIBOR + 0.960%) | 2,000,000 | 2,021,802 | ||||||
Citizens Bank NA | ||||||||
3.054% (USD LIBOR + 0.950%) | 4,000,000 | 4,026,488 | ||||||
3.250% due 02/14/22 | 2,500,000 | 2,561,743 | ||||||
Cooperatieve Rabobank UA (Netherlands) | 2,500,000 | 2,502,895 | ||||||
Duke Realty LP REIT | 2,000,000 | 2,091,649 | ||||||
HSBC Bank USA NA | 4,000,000 | 4,098,298 | ||||||
HSBC Holdings PLC (United Kingdom) | 6,290,000 | 6,388,020 | ||||||
ING Bank NV (Netherlands) | 2,200,000 | 2,224,351 | ||||||
Intercontinental Exchange Inc | 2,200,000 | 2,303,330 | ||||||
Jackson National Life Global Funding | ||||||||
2.500% due 06/27/22 ~ | 1,850,000 | 1,867,499 | ||||||
3.300% due 02/01/22 ~ | 2,650,000 | 2,718,040 | ||||||
JPMorgan Chase & Co | ||||||||
2.295% due 08/15/21 | 2,000,000 | 2,005,909 | ||||||
2.972% due 01/15/23 | 2,500,000 | 2,545,589 | ||||||
3.176% (USD LIBOR + 0.900%) | 2,000,000 | 2,012,567 | ||||||
3.250% due 09/23/22 | 1,200,000 | 1,241,059 |
Principal Amount | Value | |||||||
JPMorgan Chase Bank NA | $2,000,000 | $2,001,280 | ||||||
Metropolitan Life Global Funding I | 2,100,000 | 2,158,111 | ||||||
Mid-America Apartments LP REIT | 2,000,000 | 2,137,870 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | ||||||||
2.623% due 07/18/22 | 1,050,000 | 1,058,863 | ||||||
2.878% (USD LIBOR + 0.740%) | 5,300,000 | 5,301,733 | ||||||
3.066% (USD LIBOR + 0.790%) | 4,000,000 | 4,017,547 | ||||||
Mitsubishi UFJ Trust & Banking Corp (Japan) | 6,000,000 | 6,039,875 | ||||||
Morgan Stanley | ||||||||
2.731% (USD LIBOR + 0.550%) | 2,000,000 | 2,001,908 | ||||||
2.745% (SOFR + 0.830%) | 2,500,000 | 2,507,843 | ||||||
3.683% (USD LIBOR + 1.400%) | 1,500,000 | 1,527,805 | ||||||
5.750% due 01/25/21 | 3,458,000 | 3,617,058 | ||||||
New York Life Global Funding | ||||||||
1.500% due 10/24/19 ~ | 4,000,000 | 3,998,797 | ||||||
2.654% (USD LIBOR + 0.520%) | 2,000,000 | 2,007,459 | ||||||
2.780% (USD LIBOR + 0.440%) | 2,000,000 | 2,006,145 | ||||||
3.250% due 08/06/21 ~ | 1,500,000 | 1,532,600 | ||||||
PNC Bank NA | ||||||||
2.450% due 11/05/20 | 2,000,000 | 2,009,259 | ||||||
2.709% (USD LIBOR + 0.450%) | 1,900,000 | 1,900,180 | ||||||
Protective Life Global Funding | 3,000,000 | 3,013,750 | ||||||
Royal Bank of Canada (Canada) | ||||||||
2.703% (USD LIBOR + 0.660%) | 6,000,000 | 6,021,946 | ||||||
3.700% due 10/05/23 | 400,000 | 423,451 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | ||||||||
2.784% due 07/12/22 | 2,500,000 | 2,538,130 | ||||||
3.043% (USD LIBOR + 0.740%) | 3,130,000 | 3,134,350 | ||||||
3.122% (USD LIBOR + 0.800%) | 7,500,000 | 7,534,945 | ||||||
3.163% (USD LIBOR + 0.860%) | 5,000,000 | 5,028,309 | ||||||
SunTrust Bank | ||||||||
2.714% (USD LIBOR + 0.590%) | 10,000,000 | 10,028,559 | ||||||
2.856% (USD LIBOR + 0.590%) | 6,000,000 | 6,013,968 | ||||||
3.525% due 10/26/21 | 2,800,000 | 2,839,728 | ||||||
Svenska Handelsbanken AB (Sweden) | 2,300,000 | 2,312,565 | ||||||
The Bank of New York Mellon Corp | 2,000,000 | 2,000,872 | ||||||
The Goldman Sachs Group Inc | ||||||||
2.898% (USD LIBOR + 0.750%) | 7,089,000 | 7,087,351 | ||||||
3.625% due 02/20/24 | 2,300,000 | 2,414,431 | ||||||
The PNC Financial Services Group Inc | 1,700,000 | 1,797,280 | ||||||
The Toronto-Dominion Bank (Canada) | 10,000,000 | 10,060,047 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 2,500,000 | 2,523,194 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-57
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
US Bank NA | $10,000,000 | $10,013,792 | ||||||
Ventas Realty LP REIT | 1,650,000 | 1,663,151 | ||||||
Wells Fargo & Co | ||||||||
2.625% due 07/22/22 | 7,000,000 | 7,080,358 | ||||||
3.393% (USD LIBOR + 1.110%) | 9,800,000 | 9,912,151 | ||||||
Wells Fargo Bank NA | 5,000,000 | 5,046,045 | ||||||
Westpac Banking Corp (Australia) | ||||||||
2.814% (USD LIBOR + 0.710%) | 2,750,000 | 2,769,693 | ||||||
2.878% (USD LIBOR + 0.720%) | 1,750,000 | 1,761,121 | ||||||
3.650% due 05/15/23 | 3,251,000 | 3,424,830 | ||||||
|
| |||||||
250,872,663 | ||||||||
|
| |||||||
Industrial - 1.0% |
| |||||||
John Deere Capital Corp |
| |||||||
2.502% (USD LIBOR + 0.400%) | 6,000,000 | 6,015,290 | ||||||
2.622% (USD LIBOR + 0.490%) | 3,000,000 | 3,006,879 | ||||||
Roper Technologies Inc | 600,000 | 600,868 | ||||||
Ryder System Inc | 1,500,000 | 1,525,197 | ||||||
|
| |||||||
11,148,234 | ||||||||
|
| |||||||
Technology - 1.8% |
| |||||||
Apple Inc | ||||||||
2.400% due 01/13/23 | 2,200,000 | 2,237,370 | ||||||
2.400% due 05/03/23 | 3,000,000 | 3,049,797 | ||||||
Broadcom Inc | ||||||||
3.125% due 04/15/21 ~ | 2,000,000 | 2,019,713 | ||||||
3.125% due 10/15/22 ~ | 500,000 | 506,477 | ||||||
Fiserv Inc | 2,200,000 | 2,329,853 | ||||||
Hewlett Packard Enterprise Co | ||||||||
2.763% (USD LIBOR + 0.720%) | 2,100,000 | 2,100,203 | ||||||
2.807% (USD LIBOR + 0.680%) | 1,600,000 | 1,603,663 | ||||||
International Business Machines Corp | 6,000,000 | 6,025,113 | ||||||
|
| |||||||
19,872,189 | ||||||||
|
| |||||||
Utilities - 2.1% |
| |||||||
American Electric Power Co Inc | 1,250,000 | 1,289,888 | ||||||
Consolidated Edison Co of New York Inc | 3,000,000 | 3,011,011 | ||||||
Dominion Energy Inc | ||||||||
2.579% due 07/01/20 | 3,100,000 | 3,107,387 | ||||||
2.715% due 08/15/21 | 1,000,000 | 1,006,987 | ||||||
Duke Energy Corp | 1,705,000 | 1,697,853 | ||||||
Electricite de France SA (France) | 1,500,000 | 1,511,901 | ||||||
Enel Finance International NV (Italy) | 2,500,000 | 2,534,037 | ||||||
Evergy Inc | 1,750,000 | 1,748,996 | ||||||
Florida Power & Light Co | 3,000,000 | 3,000,865 |
Principal Amount | Value | |||||||
Oncor Electric Delivery Co LLC | $1,800,000 | $1,849,642 | ||||||
WEC Energy Group Inc | 2,100,000 | 2,146,101 | ||||||
|
| |||||||
22,904,668 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 494,762,844 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 14.9% |
| |||||||
Ally Auto Receivables Trust |
| |||||||
1.750% due 12/15/21 | 1,482,758 | 1,480,429 | ||||||
2.720% due 05/17/21 | 2,376,385 | 2,377,985 | ||||||
2.850% due 03/15/22 | 4,686,559 | 4,701,251 | ||||||
American Express Credit Account Master Trust | 3,000,000 | 3,007,876 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.800% due 10/08/21 | 1,761,410 | 1,760,050 | ||||||
1.870% due 08/18/21 | 436,619 | 436,422 | ||||||
1.980% due 12/20/21 | 908,764 | 908,320 | ||||||
2.240% due 06/19/23 | 3,925,000 | 3,929,341 | ||||||
2.300% due 02/18/22 | 3,750,000 | 3,750,018 | ||||||
2.339% (USD LIBOR + 0.300%) | 2,000,000 | 2,000,427 | ||||||
2.710% due 07/19/21 | 633,112 | 633,502 | ||||||
2.860% due 11/18/21 | 5,092,472 | 5,102,164 | ||||||
2.930% due 06/20/22 | 3,215,928 | 3,228,216 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
2.020% due 08/20/21 ~ | 1,578,441 | 1,577,569 | ||||||
3.020% due 02/22/21 ~ | 3,428,960 | 3,435,870 | ||||||
Carmax Auto Owner Trust | 2,011,974 | 2,022,049 | ||||||
CNH Equipment Trust | ||||||||
1.840% due 03/15/21 | 92,998 | 92,978 | ||||||
2.960% due 05/16/22 | 4,000,000 | 4,019,578 | ||||||
Ford Credit Auto Owner Trust | ||||||||
2.268% (USD LIBOR + 0.240%) | 1,500,000 | 1,500,332 | ||||||
2.780% due 02/15/22 | 3,975,886 | 3,991,246 | ||||||
2.960% due 09/15/21 | 3,620,886 | 3,633,566 | ||||||
GM Financial Consumer Automobile Receivables Trust | ||||||||
2.258% (USD LIBOR + 0.230%) | 8,800,000 | 8,803,967 | ||||||
2.740% due 07/16/21 | 2,925,638 | 2,930,272 | ||||||
2.930% due 11/16/21 | 2,314,667 | 2,320,356 | ||||||
Honda Auto Receivables Owner Trust | ||||||||
1.360% due 01/18/23 | 1,440,000 | 1,434,758 | ||||||
2.660% due 12/18/20 | 1,018,301 | 1,019,473 | ||||||
2.670% due 12/21/20 | 3,901,341 | 3,906,504 | ||||||
John Deere Owner Trust | ||||||||
2.420% due 10/15/20 | 250,848 | 250,868 | ||||||
2.830% due 04/15/21 | 1,544,083 | 1,546,542 | ||||||
Mercedes-Benz Auto Receivables Trust | ||||||||
2.040% due 06/15/22 | 3,250,000 | 3,256,262 | ||||||
2.237% (USD LIBOR + 0.180%) | 3,000,000 | 3,003,749 | ||||||
2.710% due 04/15/21 | 2,293,436 | 2,296,154 | ||||||
Navient Private Education Loan Trust | 249,864 | 250,012 | ||||||
Navient Private Education Refi Loan Trust | 9,808,077 | 9,801,162 | ||||||
Navient Student Loan Trust | ||||||||
2.258% (USD LIBOR + 0.240%) | 711,688 | 711,498 | ||||||
2.288% (USD LIBOR + 0.270%) | 1,591,171 | 1,590,979 | ||||||
2.348% (USD LIBOR + 0.330%) | 1,033,812 | 1,032,990 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-58
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal Amount | Value | |||||||
Nelnet Student Loan Trust | ||||||||
2.258% (USD LIBOR + 0.110%) | $892,923 | $891,634 | ||||||
2.376% (USD LIBOR + 0.100%) | 213,310 | 213,264 | ||||||
Nissan Auto Receivables Owner Trust | ||||||||
1.590% due 07/15/22 | 984,967 | 983,004 | ||||||
2.390% due 12/15/20 | 603,173 | 603,299 | ||||||
2.820% due 01/18/22 | 4,500,000 | 4,518,380 | ||||||
3.070% due 10/15/21 | 2,133,369 | 2,144,711 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.190% due 03/15/22 | 498,097 | 498,093 | ||||||
2.280% due 02/15/22 | 3,000,000 | 3,001,607 | ||||||
2.460% due 03/15/22 | 2,051,675 | 2,052,369 | ||||||
2.580% due 05/16/22 | 1,451,905 | 1,453,348 | ||||||
2.630% due 07/15/22 | 10,000,000 | 10,036,631 | ||||||
2.750% due 09/15/21 | 113,061 | 113,085 | ||||||
2.910% due 01/18/22 | 2,923,237 | 2,927,383 | ||||||
2.970% due 07/15/21 | 1,287,384 | 1,287,871 | ||||||
3.090% due 04/15/22 | 228,393 | 228,617 | ||||||
SLC Student Loan Trust | 1,129,448 | 1,127,817 | ||||||
SLM Student Loan Trust | ||||||||
2.366% (USD LIBOR + 0.090%) | 344,955 | 344,793 | ||||||
2.376% (USD LIBOR + 0.100%) | 556,059 | 555,315 | ||||||
2.826% (USD LIBOR + 0.550%) | 638,175 | 638,848 | ||||||
SMB Private Education Loan Trust | ||||||||
2.328% (USD LIBOR + 0.300%) | 402,216 | 402,195 | ||||||
2.348% (USD LIBOR + 0.320%) | 1,426,428 | 1,425,991 | ||||||
2.378% (USD LIBOR + 0.350%) | 1,254,218 | 1,254,077 | ||||||
2.378% (USD LIBOR + 0.350%) | 888,821 | 889,194 | ||||||
2.378% (USD LIBOR + 0.350%) | 5,743,224 | 5,748,691 | ||||||
Toyota Auto Receivables Owner Trust | ||||||||
1.740% due 08/17/20 | 1,320 | 1,320 | ||||||
2.590% due 02/15/22 | 9,000,000 | 9,035,636 | ||||||
2.640% due 03/15/21 | 1,168,547 | 1,169,994 | ||||||
2.830% due 10/15/21 | 4,000,000 | 4,014,159 | ||||||
2.980% due 08/15/21 | 3,149,565 | 3,162,269 | ||||||
Verizon Owner Trust | 3,621,734 | 3,620,813 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 162,089,143 | ||||||
|
|
Principal Amount | Value | |||||||
U.S. TREASURY OBLIGATIONS - 34.9% |
| |||||||
U.S. Treasury Notes - 34.9% |
| |||||||
1.375% due 01/15/20 | $ | 42,500,000 | $ | 42,437,744 | ||||
1.375% due 05/31/20 | 11,000,000 | 10,963,262 | ||||||
1.625% due 06/30/21 | 18,000,000 | 17,981,016 | ||||||
1.750% due 03/31/22 | 20,000,000 | 20,078,906 | ||||||
1.750% due 07/15/22 | 10,000,000 | 10,041,602 | ||||||
1.750% due 06/30/24 | 10,000,000 | 10,087,305 | ||||||
1.750% due 07/31/24 | 10,000,000 | 10,091,406 | ||||||
2.000% due 01/31/20 | 55,500,000 | 55,517,344 | ||||||
2.000% due 01/15/21 | 10,000,000 | 10,028,125 | ||||||
2.000% due 07/31/22 | 10,000,000 | 10,117,969 | ||||||
2.250% due 03/31/21 | 15,000,000 | 15,111,914 | ||||||
2.500% due 05/31/20 | 20,500,000 | 20,583,281 | ||||||
2.500% due 12/31/20 | 20,000,000 | 20,175,000 | ||||||
2.625% due 02/28/23 | 3,600,000 | 3,725,156 | ||||||
2.750% due 09/30/20 | 9,000,000 | 9,082,441 | ||||||
2.750% due 11/30/20 | 80,000,000 | 80,868,750 | ||||||
2.875% due 11/15/21 | 31,000,000 | 31,791,953 | ||||||
|
| |||||||
378,683,174 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 378,683,174 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 0.9% |
| |||||||
Money Market Fund - 0.9% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio | 9,672,881 | 9,672,881 | ||||||
|
| |||||||
Total Short-Term Investment |
| 9,672,881 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 96.3% |
| 1,045,208,042 | ||||||
DERIVATIVES - 3.5% |
| 37,491,488 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 3,049,926 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $1,085,749,456 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 45.6% | |||
U.S. Treasury Obligations | 34.9% | |||
Asset-Backed Securities | 14.9% | |||
Others (each less than 3.0%) | 0.9% | |||
|
| |||
96.3% | ||||
Derivatives | 3.5% | |||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | Open futures contracts outstanding as of September 30, 2019 were as follows: |
Short Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
MSCI EAFE Index | 12/19 | 29 | $2,767,971 | $2,752,680 | $15,291 | |||||||||||||||
S&P 500E-Mini Index | 12/19 | 47 | 7,053,651 | 6,999,475 | 54,176 | |||||||||||||||
S&P Mid 400E-Mini Index | 12/19 | 14 | 2,757,128 | 2,713,200 | 43,928 | |||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | $113,395 | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-59
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Swap agreements outstanding as of September 30, 2019 were as follows: |
Total Return Swaps – Long
Receive | Pay | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Russell 2000 Index | 3-Month USD-LIBOR - 0.040% | Z | BOA | 11/15/19 | $2,511,506 | ($109,258 | ) | $— | ($109,258 | ) | ||||||||||||||||||
MSCI World Index | 3-MonthUSD-LIBOR - 0.195% | Z | CIT | 11/15/19 | 117,269,133 | 4,830,899 | — | 4,830,899 | ||||||||||||||||||||
MSCI EAFE Index | 3-MonthUSD-LIBOR - 0.110% | Z | GSC | 11/15/19 | 3,165,374 | 18,921 | — | 18,921 | ||||||||||||||||||||
MSCI World Index | 3-MonthUSD-LIBOR - 0.190% | Z | GSC | 11/15/19 | 7,409,357 | 403,661 | — | 403,661 | ||||||||||||||||||||
MSCI EAFE Index | 3-MonthUSD-LIBOR - 0.120% | Z | JPM | 11/15/19 | 53,279,861 | 235,132 | — | 235,132 | ||||||||||||||||||||
MSCI Pacific Index | 3-Month USD-LIBOR + 0.025% | Z | SGN | 11/15/19 | 2,158,342 | (38,038 | ) | — | (38,038 | ) | ||||||||||||||||||
RussellMid-Cap Growth Index | 3-MonthUSD-LIBOR + 0.220% | Z | SGN | 11/15/19 | 29,216,958 | 3,612,968 | — | 3,612,968 | ||||||||||||||||||||
RussellMid-Cap Value Index | 3-MonthUSD-LIBOR + 0.220% | Z | SGN | 11/15/19 | 21,269,956 | 603,800 | — | 603,800 | ||||||||||||||||||||
Russell 1000 Index | 3-MonthUSD-LIBOR + 0.110% | Z | BRC | 03/19/20 | 32,521,626 | 1,921,548 | — | 1,921,548 | ||||||||||||||||||||
Russell 2000 Index | 3-MonthUSD-LIBOR - 0.110% | Z | BRC | 03/19/20 | 10,228,127 | (225,110 | ) | — | (225,110 | ) | ||||||||||||||||||
MSCI World Index | 3-MonthUSD-LIBOR - 0.410% | Z | JPM | 03/19/20 | 203,560,488 | 9,785,751 | — | 9,785,751 | ||||||||||||||||||||
MSCI EAFE Index | 3-MonthUSD-LIBOR - 0.330% | Z | MSC | 03/19/20 | 22,964,192 | 609,865 | — | 609,865 | ||||||||||||||||||||
RussellMid-Cap Value Index | 3-MonthUSD-LIBOR + 0.070% | Z | SGN | 03/19/20 | 95,875,569 | 3,670,983 | — | 3,670,983 | ||||||||||||||||||||
Russell 1000 Growth Index | 3-MonthUSD-LIBOR + 0.160% | Z | BOA | 06/11/20 | 92,443,636 | 4,519,960 | — | 4,519,960 | ||||||||||||||||||||
Russell 1000 Value Index | 3-MonthUSD-LIBOR + 0.170% | Z | BOA | 06/11/20 | 105,900,145 | 4,304,291 | — | 4,304,291 | ||||||||||||||||||||
RussellMid-Cap Growth Index | 3-MonthUSD-LIBOR + 0.100% | Z | BOA | 06/11/20 | 41,248,117 | 1,271,462 | — | 1,271,462 | ||||||||||||||||||||
RussellMid-Cap Value Index | 3-MonthUSD-LIBOR + 0.120% | Z | BOA | 06/11/20 | 58,739,864 | 1,907,421 | — | 1,907,421 | ||||||||||||||||||||
MSCI EAFE Index | 3-MonthUSD-LIBOR - 0.230% | Z | JPM | 06/11/20 | 72,900,725 | 1,751,535 | — | 1,751,535 | ||||||||||||||||||||
Russell 1000 Growth Index | 3-MonthUSD-LIBOR + 0.200% | Z | BOA | 09/17/20 | 59,746,808 | (100,187 | ) | — | (100,187 | ) | ||||||||||||||||||
Russell 1000 Value Index | 3-MonthUSD-LIBOR + 0.210% | Z | BOA | 09/17/20 | 87,593,998 | 2,814,236 | — | 2,814,236 | ||||||||||||||||||||
RussellMid-Cap Growth Index | 3-MonthUSD-LIBOR + 0.160% | Z | BOA | 09/17/20 | 41,594,361 | (608,067 | ) | — | (608,067 | ) | ||||||||||||||||||
MSCI EAFE Index | 3-MonthUSD-LIBOR - 0.190% | Z | CIT | 09/17/20 | 47,147,102 | 1,655,119 | — | 1,655,119 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$42,836,892 | $— | $42,836,892 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps – Short
Pay | Receive | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Russell 1000 Index | 3-Month USD-LIBOR + 0.310% | Z | BOA | 11/15/19 | $30,501,803 | ($1,861,076 | ) | $— | ($1,861,076 | ) | ||||||||||||||||||||||
MSCI Canada Index | 3-MonthUSD-LIBOR - 0.460% | Z | SGN | 11/15/19 | 17,636,258 | (876,750 | ) | — | (876,750 | ) | ||||||||||||||||||||||
MSCI EAFE Index | 3-MonthUSD-LIBOR - 0.270% | Z | BOA | 03/19/20 | 19,334,556 | (478,071 | ) | — | (478,071 | ) | ||||||||||||||||||||||
MSCI Pacific Index | 3-MonthUSD-LIBOR - 0.110% | Z | BRC | 03/19/20 | 34,086,854 | (718,113 | ) | — | (718,113 | ) | ||||||||||||||||||||||
MSCI Europe Index | 3-MonthUSD-LIBOR - 0.350% | Z | SGN | 03/19/20 | 42,910,158 | (1,184,372 | ) | — | (1,184,372 | ) | ||||||||||||||||||||||
RussellMid-Cap Value Index | 3-MonthUSD-LIBOR + 0.160% | Z | BRC | 09/17/20 | 9,555,317 | (340,417 | ) | — | (340,417 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($5,458,799 | ) | $— | ($5,458,799 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Swap Agreements |
| $37,378,093 | $— | $37,378,093 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps
Upfront Premium Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $— | $43,917,552 | ||||||
Liabilities | — | (6,539,459 | ) | |||||
|
|
|
| |||||
$— | $37,378,093 | |||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-60
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(d) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $494,762,844 | $— | $494,762,844 | $— | |||||||||||||
Asset-Backed Securities | 162,089,143 | — | 162,089,143 | — | ||||||||||||||
U.S. Treasury Obligations | 378,683,174 | — | 378,683,174 | — | ||||||||||||||
Short-Term Investment | 9,672,881 | 9,672,881 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | 113,395 | 113,395 | — | — | ||||||||||||||
Swaps | 43,917,552 | — | 43,917,552 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 44,030,947 | 113,395 | 43,917,552 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 44,030,947 | 113,395 | 43,917,552 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 1,089,238,989 | 9,786,276 | 1,079,452,713 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Swaps | (6,539,459 | ) | — | (6,539,459 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (6,539,459 | ) | — | (6,539,459 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $1,082,699,530 | $9,786,276 | $1,072,913,254 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-61
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.6% | ||||||||
Basic Materials - 2.2% | ||||||||
Carpenter Technology Corp | 16,033 | $828,265 | ||||||
Orion Engineered Carbons SA (Luxembourg) | 37,666 | 629,399 | ||||||
|
| |||||||
1,457,664 | ||||||||
|
| |||||||
Communications - 3.8% | ||||||||
A10 Networks Inc * | 102,506 | 711,392 | ||||||
Casa Systems Inc * | 55,858 | 438,765 | ||||||
Criteo SA ADR (France) * | 28,298 | 528,890 | ||||||
Extreme Networks Inc * | 58,710 | 427,115 | ||||||
Houghton Mifflin Harcourt Co * | 84,665 | 451,264 | ||||||
|
| |||||||
2,557,426 | ||||||||
|
| |||||||
Consumer, Cyclical - 15.6% | ||||||||
Bloomin’ Brands Inc | 29,213 | 553,002 | ||||||
BMC Stock Holdings Inc * | 10,637 | 278,477 | ||||||
Callaway Golf Co | 33,222 | 644,839 | ||||||
Citi Trends Inc | 27,610 | 505,263 | ||||||
Cooper-Standard Holdings Inc * | 11,577 | 473,268 | ||||||
Dana Inc | 46,998 | 678,651 | ||||||
El Pollo Loco Holdings Inc * | 57,514 | 630,353 | ||||||
Hawaiian Holdings Inc | 27,105 | 711,777 | ||||||
Knoll Inc | 22,064 | 559,322 | ||||||
Papa John’s International Inc | 13,744 | 719,498 | ||||||
Red Robin Gourmet Burgers Inc * | 18,039 | 599,977 | ||||||
Regis Corp * | 32,950 | 666,249 | ||||||
REV Group Inc | 49,068 | 560,847 | ||||||
Signet Jewelers Ltd | 19,643 | 329,217 | ||||||
Skechers U.S.A. Inc ‘A’ * | 12,529 | 467,958 | ||||||
SkyWest Inc | 15,230 | 874,202 | ||||||
Taylor Morrison Home Corp * | 46,138 | 1,196,820 | ||||||
|
| |||||||
10,449,720 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 8.8% | ||||||||
Cott Corp | 61,198 | 763,139 | ||||||
Fresh Del Monte Produce Inc | 22,190 | 756,901 | ||||||
ICON PLC (Ireland) * | 4,682 | 689,846 | ||||||
Molina Healthcare Inc * | 5,587 | 613,006 | ||||||
Nomad Foods Ltd (United Kingdom) * | 47,304 | 969,732 | ||||||
Sotheby’s* | 10,281 | 585,811 | ||||||
The Hain Celestial Group Inc * | 30,689 | 659,046 | ||||||
Viad Corp | 8,769 | 588,838 | ||||||
WellCare Health Plans Inc * | 1,141 | 295,713 | ||||||
|
| |||||||
5,922,032 | ||||||||
|
| |||||||
Energy - 5.1% | ||||||||
Dril-Quip Inc * | 13,390 | 671,910 | ||||||
Helix Energy Solutions Group Inc * | 61,724 | 497,495 | ||||||
MRC Global Inc * | 39,216 | 475,690 | ||||||
Oasis Petroleum Inc * | 80,160 | 277,354 | ||||||
Oil States International Inc * | 27,142 | 360,989 | ||||||
Patterson-UTI Energy Inc | 40,350 | 344,992 | ||||||
QEP Resources Inc | 62,417 | 230,943 | ||||||
RPC Inc | 42,031 | 235,794 | ||||||
SM Energy Co | 36,334 | 352,076 | ||||||
|
| |||||||
3,447,243 | ||||||||
|
| |||||||
Financial - 35.1% | ||||||||
1st Source Corp | 11,735 | 536,642 | ||||||
Armada Hoffler Properties Inc REIT | 34,923 | 631,757 | ||||||
Associated Banc-Corp | 36,950 | 748,238 | ||||||
Bank of Marin Bancorp | 9,688 | 401,955 | ||||||
BankUnited Inc | 25,533 | 858,419 | ||||||
City Office REIT Inc | 64,119 | 922,672 | ||||||
Cousins Properties Inc REIT | 22,948 | 862,615 | ||||||
Easterly Government Properties Inc REIT | 27,601 | 587,901 | ||||||
Empire State Realty Trust Inc ‘A’ REIT | 44,551 | 635,743 |
Shares | Value | |||||||
Essent Group Ltd | 17,114 | $815,824 | ||||||
First American Financial Corp | 8,609 | 508,017 | ||||||
Heritage Financial Corp | 32,774 | 883,587 | ||||||
IBERIABANK Corp | 12,927 | 976,506 | ||||||
Independence Realty Trust Inc REIT | 69,954 | 1,001,042 | ||||||
Independent Bank Group Inc | 15,442 | 812,404 | ||||||
Kemper Corp | 11,172 | 870,857 | ||||||
National Storage Affiliates Trust REIT | 29,467 | 983,314 | ||||||
RLJ Lodging Trust REIT | 40,090 | 681,129 | ||||||
Sandy Spring Bancorp Inc | 24,371 | 821,546 | ||||||
Selective Insurance Group Inc | 10,005 | 752,276 | ||||||
STAG Industrial Inc REIT | 34,513 | 1,017,443 | ||||||
State Auto Financial Corp | 13,337 | 431,985 | ||||||
Sterling Bancorp | 46,650 | 935,799 | ||||||
Synovus Financial Corp | 24,030 | 859,313 | ||||||
Texas Capital Bancshares Inc * | 14,491 | 791,933 | ||||||
TriCo Bancshares | 18,649 | 676,959 | ||||||
Umpqua Holdings Corp | 50,020 | 823,329 | ||||||
Webster Financial Corp | 17,373 | 814,273 | ||||||
WSFS Financial Corp | 23,650 | 1,042,965 | ||||||
Zions Bancorp NA | 17,497 | 778,966 | ||||||
|
| |||||||
23,465,409 | ||||||||
|
| |||||||
Industrial - 12.3% | ||||||||
AAR Corp | 19,299 | 795,312 | ||||||
Air Transport Services Group Inc * | 12,089 | 254,111 | ||||||
Atlas Air Worldwide Holdings Inc * | 7,435 | 187,585 | ||||||
Belden Inc | 7,389 | 394,129 | ||||||
Covenant Transportation Group Inc ‘A’ * | 15,775 | 259,341 | ||||||
EnerSys | 10,793 | 711,690 | ||||||
Graphic Packaging Holding Co | 43,628 | 643,513 | ||||||
Hub Group Inc ‘A’ * | 7,485 | 348,053 | ||||||
Kennametal Inc | 21,503 | 661,002 | ||||||
Masonite International Corp * | 12,879 | 746,982 | ||||||
Primoris Services Corp | 30,251 | 593,222 | ||||||
Regal Beloit Corp | 6,390 | 465,512 | ||||||
Terex Corp | 15,476 | 401,912 | ||||||
Trinseo SA | 15,309 | 657,522 | ||||||
TTM Technologies Inc * | 50,693 | 618,201 | ||||||
Tutor Perini Corp * | 32,660 | 468,018 | ||||||
|
| |||||||
8,206,105 | ||||||||
|
| |||||||
Technology - 10.1% | ||||||||
CommVault Systems Inc * | 14,169 | 633,496 | ||||||
Kulicke & Soffa Industries Inc (Singapore) | 43,690 | 1,025,841 | ||||||
MagnaChip Semiconductor Corp (South Korea) * | 61,432 | 622,920 | ||||||
MaxLinear Inc * | 29,307 | 655,891 | ||||||
Nanometrics Inc * | 11,114 | 362,539 | ||||||
NCR Corp * | 31,689 | 1,000,105 | ||||||
NetScout Systems Inc * | 27,913 | 643,674 | ||||||
Unisys Corp * | 79,270 | 588,976 | ||||||
Verint Systems Inc * | 14,036 | 600,460 | ||||||
WNS Holdings Ltd ADR (India) * | 10,657 | 626,099 | ||||||
|
| |||||||
6,760,001 | ||||||||
|
| |||||||
Utilities - 2.6% | ||||||||
Black Hills Corp | 10,334 | 792,928 | ||||||
PNM Resources Inc | 17,732 | 923,483 | ||||||
|
| |||||||
1,716,411 | ||||||||
|
| |||||||
Total Common Stocks | 63,982,011 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-62
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.3% |
| |||||||
Money Market Fund - 3.3% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio | 2,188,912 | $2,188,912 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,188,912 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 98.9% | 66,170,923 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.1% |
| 720,763 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $66,891,686 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 35.1% | |||
Consumer, Cyclical | 15.6% | |||
Industrial | 12.3% | |||
Technology | 10.1% | |||
Consumer,Non-Cyclical | 8.8% | |||
Energy | 5.1% | |||
Communications | 3.8% | |||
Short-Term Investment | 3.3% | |||
Others (each less than 3.0%) | 4.8% | |||
|
| |||
98.9% | ||||
Other Assets & Liabilities, Net | 1.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $63,982,011 | $63,982,011 | $— | $— | |||||||||||||
Short-Term Investment | 2,188,912 | 2,188,912 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $66,170,923 | $66,170,923 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-63
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 1.9% |
| |||||||
Brazil - 1.8% |
| |||||||
Itau Unibanco Holding SA ADR | 42,510 | $357,509 | ||||||
Lojas Americanas SA | 224,018 | 1,070,231 | ||||||
|
| |||||||
1,427,740 | ||||||||
|
| |||||||
India - 0.1% |
| |||||||
Zee Entertainment Enterprises Ltd | 390,884 | 28,957 | ||||||
|
| |||||||
Total Preferred Stocks |
| 1,456,697 | ||||||
|
| |||||||
COMMON STOCKS - 95.7% |
| |||||||
Argentina - 0.3% |
| |||||||
MercadoLibre Inc * | 440 | 242,541 | ||||||
|
| |||||||
Brazil - 4.2% |
| |||||||
Atacadao SA | 141,000 | 719,092 | ||||||
B3 SA - Brasil Bolsa Balcao | 79,153 | 834,784 | ||||||
Natura Cosmeticos SA | 72,600 | 596,009 | ||||||
StoneCo Ltd ‘A’ * | 9,889 | 343,939 | ||||||
Vale SA ADR * | 65,470 | 752,905 | ||||||
|
| |||||||
3,246,729 | ||||||||
|
| |||||||
Chile - 1.1% |
| |||||||
SACI Falabella | 153,538 | 858,078 | ||||||
|
| |||||||
China - 28.9% |
| |||||||
Alibaba Group Holding Ltd ADR * | 34,340 | 5,742,678 | ||||||
Baozun Inc ADR * | 7,468 | 318,884 | ||||||
Budweiser Brewing Co APAC Ltd * ~ | 422,800 | 1,521,232 | ||||||
China International Capital Corp Ltd ‘H’ ~ | 176,000 | 341,596 | ||||||
Hansoh Pharmaceutical Group Co Ltd * ~ | 76,000 | 233,445 | ||||||
Huazhu Group Ltd ADR | 61,564 | 2,032,843 | ||||||
Innovent Biologics Inc * ~ | 120,500 | 384,249 | ||||||
Jiangsu Hengrui Medicine Co Ltd ‘A’ | 185,507 | 2,097,531 | ||||||
Meituan Dianping ‘B’ * | 140,000 | 1,429,874 | ||||||
Ping An Healthcare and Technology Co Ltd * ~ | 5,548 | 32,464 | ||||||
Ping An Insurance Group Co of China Ltd ‘A’ | 98,771 | 1,205,879 | ||||||
Shanghai Junshi Biosciences Co Ltd ‘H’ * ~ | 21,800 | 80,522 | ||||||
Sinopharm Group Co Ltd ‘H’ | 167,914 | 524,895 | ||||||
Tencent Holdings Ltd ADR | 63,322 | 2,648,628 | ||||||
Tencent Music Entertainment Group ADR * | 21 | 268 | ||||||
Wuxi Biologics Cayman Inc * ~ | 55,000 | 560,830 | ||||||
Yum China Holdings Inc | 48,650 | 2,210,169 | ||||||
ZTO Express Cayman Inc ADR | 57,400 | 1,224,342 | ||||||
|
| |||||||
22,590,329 | ||||||||
|
| |||||||
Colombia - 0.5% |
| |||||||
Grupo Aval Acciones y Valores SA ADR | 55,829 | 416,484 | ||||||
|
| |||||||
Egypt - 0.6% |
| |||||||
Commercial International Bank Egypt SAE | 94,491 | 450,167 | ||||||
|
| |||||||
France - 5.3% |
| |||||||
Kering SA | 6,279 | 3,199,694 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,416 | 958,575 | ||||||
|
| |||||||
4,158,269 | ||||||||
|
|
Shares | Value | |||||||
Hong Kong - 5.7% |
| |||||||
AIA Group Ltd | 252,000 | $2,376,625 | ||||||
Hang Lung Properties Ltd | 50,000 | 113,474 | ||||||
Hong Kong Exchanges & Clearing Ltd | 32,243 | 945,044 | ||||||
Hutchison China MediTech Ltd ADR * | 8,000 | 142,720 | ||||||
Jardine Strategic Holdings Ltd | 27,770 | 830,641 | ||||||
|
| |||||||
4,408,504 | ||||||||
|
| |||||||
India - 10.2% |
| |||||||
Bandhan Bank Ltd ~ | 18,384 | 127,741 | ||||||
Biocon Ltd | 6,883 | 21,688 | ||||||
Cholamandalam Investment and Finance Co Ltd | 72,950 | 317,125 | ||||||
Dalmia Bharat Ltd | 6,262 | 72,685 | ||||||
Housing Development Finance Corp Ltd | 102,754 | 2,868,098 | ||||||
Kotak Mahindra Bank Ltd | 119,106 | 2,766,356 | ||||||
Oberoi Realty Ltd | 31,172 | 223,463 | ||||||
Tata Consultancy Services Ltd | 34,474 | 1,021,201 | ||||||
Zee Entertainment Enterprises Ltd | 153,124 | 574,013 | ||||||
|
| |||||||
7,992,370 | ||||||||
|
| |||||||
Indonesia - 1.1% |
| |||||||
P.T. Bank Central Asia Tbk | 165,400 | 353,620 | ||||||
P.T. Indocement Tunggal Prakarsa Tbk | 231,700 | 305,344 | ||||||
P.T. Semen Indonesia Persero Tbk | 207,000 | 168,294 | ||||||
|
| |||||||
827,258 | ||||||||
|
| |||||||
Italy - 1.5% |
| |||||||
Moncler SPA | 11,984 | 427,152 | ||||||
PRADA SPA | 246,400 | 717,270 | ||||||
|
| |||||||
1,144,422 | ||||||||
|
| |||||||
Mexico - 7.0% |
| |||||||
Alsea SAB de CV * | 149,240 | 347,879 | ||||||
Fomento Economico Mexicano SAB de CV | 203,742 | 1,867,067 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 6,370 | 583,365 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ‘B’ | 24,893 | 379,538 | ||||||
Grupo Financiero Banorte SAB de CV ‘O’ | 55,165 | 297,322 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 426,557 | 543,626 | ||||||
Grupo Mexico SAB de CV ‘B’ | 477,615 | 1,119,856 | ||||||
Wal-Mart de Mexico SAB de CV | 112,837 | 334,440 | ||||||
|
| |||||||
5,473,093 | ||||||||
|
| |||||||
Peru - 2.1% |
| |||||||
Credicorp Ltd | 7,750 | 1,615,410 | ||||||
|
| |||||||
Philippines - 2.7% |
| |||||||
Ayala Corp | 10,478 | 178,934 | ||||||
Ayala Land Inc | 655,000 | 625,133 | ||||||
SM Investments Corp | 55,072 | 1,032,009 | ||||||
SM Prime Holdings Inc | 347,156 | 249,203 | ||||||
|
| |||||||
2,085,279 | ||||||||
|
| |||||||
Russia - 8.8% |
| |||||||
LUKOIL PJSC ADR | 12,507 | 1,033,107 | ||||||
MMC Norilsk Nickel PJSC | 644 | 165,583 | ||||||
MMC Norilsk Nickel PJSC ADR | 14,842 | 379,744 | ||||||
Novatek PJSC GDR | 19,353 | 3,920,889 | ||||||
Polyus PJSC GDR ~ | 2,683 | 155,999 | ||||||
Sberbank of Russia PJSC | 118,472 | 415,030 | ||||||
Yandex NV ‘A’ * | 23,077 | 807,926 | ||||||
|
| |||||||
6,878,278 | ||||||||
|
| |||||||
South Africa - 2.6% |
| |||||||
FirstRand Ltd | 392,276 | 1,611,694 | ||||||
Shoprite Holdings Ltd | 51,227 | 414,831 | ||||||
Steinhoff International Holdings NV * | 238,637 | 15,442 | ||||||
|
| |||||||
2,041,967 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-64
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
South Korea - 2.9% |
| |||||||
Amorepacific Corp | 2,987 | $350,470 | ||||||
AMOREPACIFIC Group | 3,099 | 169,317 | ||||||
LG Household & Health Care Ltd | 489 | 533,705 | ||||||
Samsung Biologics Co Ltd * ~ | 3,095 | 794,373 | ||||||
Samsung Electronics Co Ltd | 9,682 | 396,420 | ||||||
|
| |||||||
2,244,285 | ||||||||
|
| |||||||
Spain - 0.4% |
| |||||||
Banco Santander SA | 82,829 | 337,016 | ||||||
|
| |||||||
Switzerland - 2.7% |
| |||||||
Glencore PLC | 699,096 | 2,106,750 | ||||||
|
| |||||||
Taiwan - 4.7% |
| |||||||
Taiwan Semiconductor Manufacturing Co Ltd | 413,995 | 3,676,911 | ||||||
|
| |||||||
Thailand - 0.4% |
| |||||||
The Siam Commercial Bank PCL | 89,300 | 344,654 | ||||||
|
| |||||||
Turkey - 1.6% |
| |||||||
Akbank T.A.S. * | 487,521 | 699,606 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 78,991 | 306,130 | ||||||
BIM Birlesik Magazalar AS | 27,282 | 237,310 | ||||||
|
| |||||||
1,243,046 | ||||||||
|
| |||||||
United Arab Emirates - 0.4% |
| |||||||
Emaar Properties PJSC | 260,288 | 327,171 | ||||||
|
| |||||||
Total Common Stocks |
| 74,709,011 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.1% |
| |||||||
Money Market Fund - 2.1% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 1,637,580 | 1,637,580 | ||||||
|
| |||||||
Total Short-Term Investment |
| 1,637,580 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% |
| 77,803,288 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% |
| 246,417 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $78,049,705 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 26.8% | |||
Consumer, Cyclical | 17.9% | |||
Consumer,Non-cyclical | 16.2% | |||
Communications | 15.1% | |||
Technology | 6.5% | |||
Energy | 6.3% | |||
Basic Materials | 6.0% | |||
Others (each less than 3.0%) | 4.9% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
China | 28.9% | |||
India | 10.3% | |||
Russia | 8.8% | |||
Mexico | 7.0% | |||
Brazil | 6.0% | |||
Hong Kong | 5.7% | |||
France | 5.3% | |||
Taiwan | 4.7% | |||
Others (each less than 3.0%) | 23.0% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-65
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks | $1,456,697 | $1,456,697 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Argentina | 242,541 | 242,541 | — | — | ||||||||||||||
Brazil | 3,246,729 | 3,246,729 | — | — | ||||||||||||||
Chile | 858,078 | — | 858,078 | — | ||||||||||||||
China | 22,590,329 | 13,130,938 | 9,459,391 | — | ||||||||||||||
Colombia | 416,484 | 416,484 | — | — | ||||||||||||||
Egypt | 450,167 | 450,167 | — | — | ||||||||||||||
France | 4,158,269 | — | 4,158,269 | — | ||||||||||||||
Hong Kong | 4,408,504 | 142,720 | 4,265,784 | — | ||||||||||||||
India | 7,992,370 | 1,093,886 | 6,898,484 | — | ||||||||||||||
Indonesia | 827,258 | — | 827,258 | — | ||||||||||||||
Italy | 1,144,422 | — | 1,144,422 | — | ||||||||||||||
Mexico | 5,473,093 | 5,473,093 | — | — | ||||||||||||||
Peru | 1,615,410 | 1,615,410 | — | — | ||||||||||||||
Philippines | 2,085,279 | — | 2,085,279 | — | ||||||||||||||
Russia | 6,878,278 | 963,925 | 5,914,353 | — | ||||||||||||||
South Africa | 2,041,967 | 15,442 | 2,026,525 | — | ||||||||||||||
South Korea | 2,244,285 | — | 2,244,285 | — | ||||||||||||||
Spain | 337,016 | — | 337,016 | |||||||||||||||
Switzerland | 2,106,750 | — | 2,106,750 | — | ||||||||||||||
Taiwan | 3,676,911 | — | 3,676,911 | — | ||||||||||||||
Thailand | 344,654 | — | 344,654 | — | ||||||||||||||
Turkey | 1,243,046 | 237,310 | 1,005,736 | — | ||||||||||||||
United Arab Emirates | 327,171 | — | 327,171 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 74,709,011 | 27,028,645 | 47,680,366 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,637,580 | 1,637,580 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $77,803,288 | $30,122,922 | $47,680,366 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-66
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.2% |
| |||||||
Australia - 0.9% |
| |||||||
Rio Tinto PLC | 9,555 | $496,691 | ||||||
|
| |||||||
Belgium - 1.4% |
| |||||||
KBC Group NV | 11,725 | 761,557 | ||||||
|
| |||||||
Brazil - 0.6% |
| |||||||
Ambev SA ADR | 70,018 | 323,483 | ||||||
|
| |||||||
Canada - 3.5% |
| |||||||
Canadian National Railway Co | 12,595 | 1,131,787 | ||||||
Suncor Energy Inc | 25,036 | 789,715 | ||||||
|
| |||||||
1,921,502 | ||||||||
|
| |||||||
China - 1.7% |
| |||||||
Baidu Inc ADR * | 2,279 | 234,190 | ||||||
Yum China Holdings Inc | 15,454 | 702,075 | ||||||
|
| |||||||
936,265 | ||||||||
|
| |||||||
Denmark - 2.6% |
| |||||||
Carlsberg AS ‘B’ | 3,196 | 472,299 | ||||||
Novo Nordisk AS ‘B’ | 18,808 | 971,926 | ||||||
|
| |||||||
1,444,225 | ||||||||
|
| |||||||
France - 16.1% |
| |||||||
Air Liquide SA | 10,491 | 1,493,085 | ||||||
Danone SA | 9,749 | 858,712 | ||||||
Dassault Systemes SE | 1,874 | 266,964 | ||||||
Engie SA | 38,920 | 635,261 | ||||||
EssilorLuxottica SA | 4,840 | 697,830 | ||||||
Hermes International | 189 | 130,539 | ||||||
L’Oreal SA | 2,291 | 640,723 | ||||||
Legrand SA | 6,884 | 491,085 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,975 | 1,180,365 | ||||||
Pernod Ricard SA | 5,852 | 1,041,548 | ||||||
Schneider Electric SE | 16,890 | 1,476,902 | ||||||
|
| |||||||
8,913,014 | ||||||||
|
| |||||||
Germany - 9.8% |
| |||||||
Bayer AG | 15,039 | 1,059,548 | ||||||
Beiersdorf AG | 10,271 | 1,211,006 | ||||||
Deutsche Boerse AG | 3,705 | 577,830 | ||||||
Merck KGaA | 5,581 | 628,700 | ||||||
MTU Aero Engines AG | 1,379 | 366,426 | ||||||
ProSiebenSat.1 Media SE | 16,177 | 222,871 | ||||||
SAP SE | 11,456 | 1,348,071 | ||||||
|
| |||||||
5,414,452 | ||||||||
|
| |||||||
Hong Kong - 2.7% |
| |||||||
AIA Group Ltd | 159,826 | 1,507,327 | ||||||
|
| |||||||
India - 2.3% |
| |||||||
Housing Development Finance Corp Ltd | 18,299 | 510,767 | ||||||
Tata Consultancy Services Ltd | 26,879 | 796,219 | ||||||
|
| |||||||
1,306,986 | ||||||||
|
| |||||||
Ireland - 0.8% |
| |||||||
Ryanair Holdings PLC ADR * | 6,351 | 421,579 | ||||||
|
| |||||||
Israel - 1.1% |
| |||||||
Check Point Software Technologies Ltd * | 5,761 | 630,829 | ||||||
|
|
Shares | Value | |||||||
Italy - 1.9% |
| |||||||
Eni SPA | 32,336 | $494,250 | ||||||
Intesa Sanpaolo SPA | 245,260 | 580,979 | ||||||
|
| |||||||
1,075,229 | ||||||||
|
| |||||||
Japan - 14.8% |
| |||||||
Daikin Industries Ltd | 7,400 | 975,980 | ||||||
Denso Corp | 6,500 | 287,218 | ||||||
FANUC Corp | 1,900 | 359,145 | ||||||
Hitachi Ltd | 17,700 | 662,869 | ||||||
Hoya Corp | 18,200 | 1,490,633 | ||||||
Japan Tobacco Inc | 26,400 | 578,415 | ||||||
Kubota Corp | 45,700 | 695,037 | ||||||
Kyocera Corp | 12,000 | 748,207 | ||||||
Olympus Corp | 77,300 | 1,047,252 | ||||||
Shin-Etsu Chemical Co Ltd | 2,800 | 301,309 | ||||||
Terumo Corp | 32,400 | 1,048,406 | ||||||
|
| |||||||
8,194,471 | ||||||||
|
| |||||||
Netherlands - 3.4% |
| |||||||
Akzo Nobel NV | 9,606 | 855,923 | ||||||
ING Groep NV | 49,825 | 520,510 | ||||||
Randstad NV | 10,005 | 491,208 | ||||||
|
| |||||||
1,867,641 | ||||||||
|
| |||||||
Portugal - 0.4% |
| |||||||
Galp Energia SGPS SA | 16,622 | 249,982 | ||||||
|
| |||||||
Singapore - 1.1% |
| |||||||
DBS Group Holdings Ltd | 34,600 | 625,953 | ||||||
|
| |||||||
Spain - 1.9% |
| |||||||
Amadeus IT Group SA | 14,574 | 1,044,254 | ||||||
|
| |||||||
Sweden - 0.8% |
| |||||||
Essity AB ‘B’ | 16,056 | 468,489 | ||||||
|
| |||||||
Switzerland - 13.9% |
| |||||||
Alcon Inc * | 2,295 | 133,867 | ||||||
Julius Baer Group Ltd | 8,793 | 389,450 | ||||||
Nestle SA | 22,074 | 2,394,026 | ||||||
Novartis AG | 11,474 | 995,794 | ||||||
Roche Holding AG | 5,866 | 1,707,972 | ||||||
Sika AG | 2,829 | 413,916 | ||||||
UBS Group AG | 72,765 | 826,206 | ||||||
Zurich Insurance Group AG | 2,187 | 837,638 | ||||||
|
| |||||||
7,698,869 | ||||||||
|
| |||||||
Taiwan - 1.5% |
| |||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 18,183 | 845,146 | ||||||
|
| |||||||
United Kingdom - 14.0% |
| |||||||
Barclays PLC | 154,898 | 285,398 | ||||||
Compass Group PLC | 35,719 | 919,142 | ||||||
Diageo PLC | 25,220 | 1,030,240 | ||||||
Experian PLC | 38,359 | 1,226,681 | ||||||
Just Eat PLC * | 29,363 | 241,200 | ||||||
Linde PLC | 2,870 | 557,047 | ||||||
Prudential PLC | 11,423 | 206,998 | ||||||
Reckitt Benckiser Group PLC | 9,046 | 706,303 | ||||||
RELX PLC | 41,788 | 993,228 | ||||||
Rolls-Royce Holdings PLC * | 44,061 | 428,132 | ||||||
Smiths Group PLC | 17,805 | 343,560 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-67
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Tesco PLC | 142,869 | $422,386 | ||||||
WPP PLC | 33,204 | 415,757 | ||||||
|
| |||||||
7,776,072 | ||||||||
|
| |||||||
United States - 1.0% |
| |||||||
Amcor PLC CDI | 22,418 | 215,746 | ||||||
QIAGEN NV * | 10,384 | 340,063 | ||||||
|
| |||||||
555,809 | ||||||||
|
| |||||||
Total Common Stocks |
| 54,479,825 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.0% |
| |||||||
Money Market Fund - 1.0% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio | 550,778 | 550,778 | ||||||
|
| |||||||
Total Short-Term Investment |
| 550,778 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.2% |
| 55,030,603 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.8% |
| 442,187 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $55,472,790 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer,Non-cyclical | 40.6% | |||
Industrial | 17.7% | |||
Financial | 13.8% | |||
Technology | 7.0% | |||
Basic Materials | 6.7% | |||
Consumer, Cyclical | 6.5% | |||
Others (each less than 3.0%) | 6.9% | |||
|
| |||
99.2% | ||||
Other Assets & Liabilities, Net | 0.8% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
France | 16.1% | |||
Japan | 14.8% | |||
United Kingdom | 14.0% | |||
Switzerland | 13.9% | |||
Germany | 9.8% | |||
Canada | 3.5% | |||
Netherlands | 3.4% | |||
Others (each less than 3.0%) | 23.7% | |||
|
| |||
99.2% | ||||
Other Assets & Liabilities, Net | 0.8% | |||
|
| |||
100.0% | ||||
|
|
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $496,691 | $— | $496,691 | $— | ||||||||||||||
Belgium | 761,557 | — | 761,557 | — | ||||||||||||||
Brazil | 323,483 | 323,483 | — | — | ||||||||||||||
Canada | 1,921,502 | 1,921,502 | — | — | ||||||||||||||
China | 936,265 | 936,265 | — | — | ||||||||||||||
Denmark | 1,444,225 | — | 1,444,225 | — | ||||||||||||||
France | 8,913,014 | — | 8,913,014 | — | ||||||||||||||
Germany | 5,414,452 | 222,871 | 5,191,581 | — | ||||||||||||||
Hong Kong | 1,507,327 | — | 1,507,327 | — | ||||||||||||||
India | 1,306,986 | 796,219 | 510,767 | — | ||||||||||||||
Ireland | 421,579 | 421,579 | — | — | ||||||||||||||
Israel | 630,829 | 630,829 | — | — | ||||||||||||||
Italy | 1,075,229 | — | 1,075,229 | — | ||||||||||||||
Japan | 8,194,471 | — | 8,194,471 | — | ||||||||||||||
Netherlands | 1,867,641 | — | 1,867,641 | — | ||||||||||||||
Portugal | 249,982 | — | 249,982 | — | ||||||||||||||
Singapore | 625,953 | — | 625,953 | — | ||||||||||||||
Spain | 1,044,254 | — | 1,044,254 | — | ||||||||||||||
Sweden | 468,489 | — | 468,489 | — | ||||||||||||||
Switzerland | 7,698,869 | 7,698,869 | — | |||||||||||||||
Taiwan | 845,146 | 845,146 | — | — | ||||||||||||||
United Kingdom | 7,776,072 | — | 7,776,072 | — | ||||||||||||||
United States | 555,809 | — | 555,809 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 54,479,825 | 6,097,894 | 48,381,931 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 550,778 | 550,778 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $55,030,603 | $6,648,672 | $48,381,931 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-68
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.9% |
| |||||||
Australia - 3.5% |
| |||||||
Accent Group Ltd | 78,925 | $90,920 | ||||||
Ansell Ltd | 4,750 | 87,929 | ||||||
Appen Ltd | 4,834 | 69,192 | ||||||
Aveo Group » | 54,968 | 79,062 | ||||||
Charter Hall Long Wale REIT | 37,084 | 143,469 | ||||||
McMillan Shakespeare Ltd | 6,174 | 68,122 | ||||||
Perseus Mining Ltd * | 252,616 | 118,954 | ||||||
Sandfire Resources NL | 23,536 | 104,328 | ||||||
Shopping Centres Australasia Property Group REIT | 62,080 | 109,376 | ||||||
Southern Cross Media Group Ltd | 90,000 | 75,114 | ||||||
|
| |||||||
946,466 | ||||||||
|
| |||||||
Austria - 0.6% |
| |||||||
AT&S Austria Technologie & Systemtechnik AG | 4,089 | 70,234 | ||||||
Wienerberger AG | 3,342 | 81,355 | ||||||
|
| |||||||
151,589 | ||||||||
|
| |||||||
Belgium - 1.7% |
| |||||||
Barco NV | 900 | 177,744 | ||||||
Bekaert SA | 3,000 | 86,033 | ||||||
D’ieteren SA/NV | 2,243 | 121,582 | ||||||
Orange Belgium SA | 4,000 | 82,567 | ||||||
|
| |||||||
467,926 | ||||||||
|
| |||||||
Canada - 11.1% |
| |||||||
AGF Management Ltd ‘B’ | 21,600 | 101,083 | ||||||
Alaris Royalty Corp | 7,300 | 108,493 | ||||||
Artis REIT | 9,900 | 94,005 | ||||||
B2Gold Corp * | 28,900 | 94,017 | ||||||
Barrick Gold Corp | 5,326 | 92,140 | ||||||
Boardwalk REIT | 3,000 | 100,562 | ||||||
Canaccord Genuity Group Inc | 14,000 | 55,161 | ||||||
Canadian Solar Inc * | 4,100 | 77,408 | ||||||
Canfor Corp * | 7,300 | 85,571 | ||||||
CI Financial Corp | 5,900 | 86,083 | ||||||
Corus Entertainment Inc | 24,800 | 99,024 | ||||||
Crescent Point Energy Corp | 23,100 | 98,687 | ||||||
CT REIT | 8,900 | 100,968 | ||||||
Empire Co Ltd ‘A’ | 6,100 | 165,156 | ||||||
Enerplus Corp | 20,000 | 148,998 | ||||||
Genworth MI Canada Inc | 4,842 | 192,240 | ||||||
Granite REIT | 3,100 | 150,104 | ||||||
High Liner Foods Inc | 8,000 | 66,664 | ||||||
Hudbay Minerals Inc | 14,700 | 53,037 | ||||||
Knight Therapeutics Inc * | 13,000 | 72,906 | ||||||
New Gold Inc * | 104,600 | 105,007 | ||||||
Northland Power Inc | 6,000 | 115,122 | ||||||
Northview Apartment REIT | 4,200 | 91,364 | ||||||
Parex Resources Inc * | 6,500 | 99,596 | ||||||
Points International Ltd * | 6,100 | 66,917 | ||||||
Polaris Infrastructure Inc | 14,900 | 148,679 | ||||||
Precision Drilling Corp * | 30,100 | 34,534 | ||||||
Real Matters Inc * | 11,000 | 91,663 | ||||||
Seven Generations Energy Ltd ‘A’ * | 12,700 | 80,714 | ||||||
TFI International Inc | 3,500 | 107,152 | ||||||
Trevali Mining Corp * | 300,000 | 52,081 | ||||||
|
| |||||||
3,035,136 | ||||||||
|
| |||||||
China - 0.4% |
| |||||||
Gemdale Properties & Investment Corp Ltd | 999,886 | 111,022 | ||||||
|
| |||||||
Denmark - 2.6% |
| |||||||
Alm Brand AS | 11,512 | 90,461 | ||||||
D/S Norden AS | 5,920 | 80,665 | ||||||
Pandora AS | 2,700 | 108,353 |
Shares | Value | |||||||
Royal Unibrew AS | 1,964 | $161,814 | ||||||
Scandinavian Tobacco Group AS ~ | 6,500 | 76,055 | ||||||
SimCorp AS | 1,200 | 105,394 | ||||||
Spar Nord Bank AS | 11,086 | 99,856 | ||||||
|
| |||||||
722,598 | ||||||||
|
| |||||||
Egypt - 0.3% |
| |||||||
Centamin PLC | 60,081 | 93,009 | ||||||
|
| |||||||
Finland - 0.3% |
| |||||||
Valmet OYJ | 4,689 | 90,963 | ||||||
|
| |||||||
France - 4.0% |
| |||||||
Akka Technologies | 1,000 | 68,868 | ||||||
Alstom SA | 4,159 | 172,280 | ||||||
Alten SA | 900 | 102,749 | ||||||
Eiffage SA | 2,087 | 216,350 | ||||||
Eutelsat Communications SA | 4,464 | 83,040 | ||||||
IPSOS | 2,941 | 83,779 | ||||||
Kaufman & Broad SA | 2,448 | 97,507 | ||||||
Metropole Television SA | 5,000 | 81,993 | ||||||
SPIE SA | 5,500 | 110,056 | ||||||
Teleperformance | 345 | 74,754 | ||||||
|
| |||||||
1,091,376 | ||||||||
|
| |||||||
Germany - 4.9% |
| |||||||
AURELIUS Equity Opportunities SE & Co KGaA | 1,700 | 70,213 | ||||||
Covestro AG ~ | 1,788 | 88,474 | ||||||
CTS Eventim AG & Co KGaA | 1,385 | 78,029 | ||||||
Deutsche Pfandbriefbank AG ~ | 6,656 | 81,149 | ||||||
DIC Asset AG | 9,941 | 127,234 | ||||||
Hamburger Hafen und Logistik AG | 3,500 | 87,166 | ||||||
HOCHTIEF AG | 1,346 | 153,391 | ||||||
LEG Immobilien AG | 1,977 | 226,236 | ||||||
Salzgitter AG | 2,345 | 39,387 | ||||||
Software AG | 2,955 | 81,129 | ||||||
TAG Immobilien AG | 6,804 | 155,272 | ||||||
Talanx AG | 3,265 | 141,089 | ||||||
|
| |||||||
1,328,769 | ||||||||
|
| |||||||
Hong Kong - 0.7% |
| |||||||
Dah Sing Financial Holdings Ltd | 17,000 | 62,941 | ||||||
K Wah International Holdings Ltd | 139,000 | 73,423 | ||||||
SmarTone Telecommunications Holdings Ltd | 60,000 | 52,153 | ||||||
|
| |||||||
188,517 | ||||||||
|
| |||||||
Israel - 1.0% |
| |||||||
AudioCodes Ltd | 8,903 | 168,356 | ||||||
Gazit-Globe Ltd | 11,368 | 114,838 | ||||||
|
| |||||||
283,194 | ||||||||
|
| |||||||
Italy - 2.5% |
| |||||||
A2A SPA | 109,319 | 200,619 | ||||||
Banca Farmafactoring SPA ~ | 14,898 | 77,640 | ||||||
Banca IFIS SPA | 4,849 | 80,825 | ||||||
Enav SPA ~ | 18,000 | 101,627 | ||||||
ERG SPA | 6,801 | 137,137 | ||||||
Unieuro SPA ~ | 6,000 | 76,690 | ||||||
|
| |||||||
674,538 | ||||||||
|
| |||||||
Japan - 23.7% |
| |||||||
Aoyama Trading Co Ltd | 4,500 | 78,539 | ||||||
Asahi Co Ltd | 6,800 | 74,936 | ||||||
Asahi Diamond Industrial Co Ltd | 14,000 | 80,330 | ||||||
Avex Inc | 6,200 | 72,884 | ||||||
Capcom Co Ltd | 4,000 | 106,462 | ||||||
Cawachi Ltd | 4,000 | 77,297 | ||||||
Citizen Watch Co Ltd | 15,500 | 76,043 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-69
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Daiho Corp | 3,900 | $103,378 | ||||||
DMG Mori Co Ltd | 8,300 | 118,628 | ||||||
Financial Products Group Co Ltd | 9,700 | 97,205 | ||||||
First-corp Inc | 11,500 | 66,219 | ||||||
Foster Electric Co Ltd | 6,600 | 112,327 | ||||||
Fudo Tetra Corp | 5,200 | 58,487 | ||||||
Fukui Computer Holdings Inc | 3,500 | 79,998 | ||||||
Furyu Corp | 7,800 | 66,460 | ||||||
Glory Ltd | 4,600 | 129,290 | ||||||
Kaken Pharmaceutical Co Ltd | 1,700 | 79,061 | ||||||
Kito Corp | 6,000 | 86,563 | ||||||
Look Holdings Inc | 7,126 | 69,762 | ||||||
Marvelous Inc | 10,100 | 78,070 | ||||||
Meidensha Corp | 7,300 | 125,906 | ||||||
Meitec Corp | 3,100 | 152,332 | ||||||
Mitsui E&S Holdings Co Ltd * | 8,400 | 74,199 | ||||||
Mitsui Matsushima Holdings Co Ltd | 7,800 | 87,097 | ||||||
Morinaga & Co Ltd | 1,900 | 92,485 | ||||||
Nagase & Co Ltd | 12,600 | 176,981 | ||||||
NichiiGakkan Co Ltd | 7,332 | 120,334 | ||||||
Nihon Unisys Ltd | 4,000 | 129,292 | ||||||
Nippon Carbon Co Ltd | 1,900 | 67,629 | ||||||
Nippon Electric Glass Co Ltd | 3,000 | 67,079 | ||||||
Nippon Piston Ring Co Ltd | 8,100 | 95,026 | ||||||
NIPPON REIT Investment Corp | 23 | 96,041 | ||||||
Nippon Thompson Co Ltd | 21,125 | 88,728 | ||||||
Nippon Yakin Kogyo Co Ltd | 5,450 | 110,218 | ||||||
Nissin Kogyo Co Ltd | 6,300 | 88,722 | ||||||
Obara Group Inc | 2,600 | 88,347 | ||||||
Optorun Co Ltd | 2,100 | 60,186 | ||||||
OSJB Holdings Corp | 34,900 | 79,786 | ||||||
PAL GROUP Holdings Co Ltd | 2,500 | 77,409 | ||||||
Rengo Co Ltd | 13,300 | 96,118 | ||||||
Restar Holdings Corp | 3,200 | 52,072 | ||||||
Riken Vitamin Co Ltd | 3,600 | 115,706 | ||||||
Roland DG Corp | 3,600 | 66,786 | ||||||
Ryobi Ltd | 5,600 | 94,310 | ||||||
Ryosan Co Ltd | 2,600 | 66,358 | ||||||
Sangetsu Corp | 4,500 | 85,007 | ||||||
Sankyu Inc | 2,100 | 109,478 | ||||||
Seven Bank Ltd | 32,300 | 88,735 | ||||||
Shin Nippon Biomedical Laboratories Ltd | 9,500 | 58,989 | ||||||
Shinoken Group Co Ltd | 10,600 | 94,320 | ||||||
Ship Healthcare Holdings Inc | 4,400 | 187,591 | ||||||
Sinanen Holdings Co Ltd | 3,900 | 66,260 | ||||||
Sojitz Corp | 24,300 | 75,594 | ||||||
Sumitomo Mitsui Construction Co Ltd | 16,000 | 84,309 | ||||||
Sumitomo Seika Chemicals Co Ltd | 2,400 | 71,136 | ||||||
Tachi-S Co Ltd | 6,500 | 79,207 | ||||||
Takara Leben Co Ltd | 17,100 | 66,316 | ||||||
The Okinawa Electric Power Co Inc | 8,706 | 137,133 | ||||||
TOA ROAD Corp | 3,600 | 114,299 | ||||||
Toho Holdings Co Ltd | 6,400 | 148,700 | ||||||
Toho Zinc Co Ltd | 2,400 | 44,708 | ||||||
Tokyu Construction Co Ltd | 10,200 | 78,369 | ||||||
Topy Industries Ltd | 3,900 | 69,656 | ||||||
Tosei Corp | 11,000 | 130,297 | ||||||
Towa Pharmaceutical Co Ltd | 3,400 | 79,100 | ||||||
Toyo Construction Co Ltd | 23,300 | 101,040 | ||||||
Toyota Boshoku Corp | 5,200 | 73,135 | ||||||
Ube Industries Ltd | 2,700 | 54,851 | ||||||
Unipres Corp | 5,400 | 85,151 | ||||||
Unitika Ltd * | 15,100 | 44,717 | ||||||
Yuasa Trading Co Ltd | 6,100 | 174,618 | ||||||
|
| |||||||
6,483,802 | ||||||||
|
| |||||||
Jordan - 0.7% |
| |||||||
Hikma Pharmaceuticals PLC | 6,895 | 186,397 | ||||||
|
|
Shares | Value | |||||||
Netherlands - 4.6% |
| |||||||
Aalberts NV | 3,707 | $146,801 | ||||||
ASM International NV | 900 | 82,802 | ||||||
ASR Nederland NV | 5,522 | 203,760 | ||||||
BE Semiconductor Industries NV | 2,967 | 92,812 | ||||||
Boskalis Westminster | 3,395 | 70,775 | ||||||
Flow Traders ~ | 2,526 | 66,132 | ||||||
Heijmans NV * | 9,578 | 80,156 | ||||||
Intertrust NV ~ | 6,321 | 123,655 | ||||||
Koninklijke Volkerwessels NV | 3,598 | 63,688 | ||||||
OCI NV * | 2,341 | 55,214 | ||||||
SBM Offshore NV | 8,057 | 133,614 | ||||||
Signify NV ~ | 4,956 | 136,204 | ||||||
|
| |||||||
1,255,613 | ||||||||
|
| |||||||
New Zealand - 0.5% |
| |||||||
Air New Zealand Ltd | 41,810 | 73,339 | ||||||
Z Energy Ltd | 19,707 | 69,139 | ||||||
|
| |||||||
142,478 | ||||||||
|
| |||||||
Norway - 0.8% |
| |||||||
Aker Solutions ASA * | 17,817 | 48,022 | ||||||
Grieg Seafood ASA | 6,000 | 73,444 | ||||||
Norwegian Finans Holding ASA * | 11,374 | 95,983 | ||||||
|
| |||||||
217,449 | ||||||||
|
| |||||||
Singapore - 0.5% |
| |||||||
First REIT | 87,300 | 63,801 | ||||||
Hi-P International Ltd | 74,600 | 61,075 | ||||||
|
| |||||||
124,876 | ||||||||
|
| |||||||
South Korea - 5.3% |
| |||||||
Binggrae Co Ltd | 1,300 | 63,362 | ||||||
Dong-A ST Co Ltd | 1,141 | 80,109 | ||||||
Doosan Bobcat Inc | 2,715 | 80,276 | ||||||
DY POWER Corp | 5,883 | 48,524 | ||||||
Handsome Co Ltd | 2,890 | 70,494 | ||||||
HDC Holdings Co Ltd | 5,449 | 58,725 | ||||||
Huchems Fine Chemical Corp | 5,565 | 99,559 | ||||||
Hyundai Wia Corp | 1,746 | 74,355 | ||||||
INTOPS Co Ltd | 4,467 | 47,231 | ||||||
JW Life Science Corp | 3,537 | 62,766 | ||||||
Korea Petrochemical Ind Co Ltd | 508 | 54,075 | ||||||
Korean Reinsurance Co | 10,000 | 66,950 | ||||||
Kumho Petrochemical Co Ltd | 1,276 | 76,302 | ||||||
LG Uplus Corp | 10,894 | 124,132 | ||||||
Lotte Chilsung Beverage Co Ltd | 500 | 57,823 | ||||||
Moorim P&P Co Ltd | 15,847 | 59,372 | ||||||
Seegene Inc * | 3,800 | 64,889 | ||||||
SFA Engineering Corp | 3,509 | 123,866 | ||||||
SK Discovery Co Ltd | 2,819 | 51,719 | ||||||
Value Added Technology Co Ltd | 3,868 | 85,451 | ||||||
|
| |||||||
1,449,980 | ||||||||
|
| |||||||
Spain - 3.5% |
| |||||||
Atlantica Yield PLC | 5,882 | 141,697 | ||||||
Bankinter SA | 17,756 | 112,046 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 3,310 | 150,263 | ||||||
Enagas SA | 7,780 | 179,847 | ||||||
Faes Farma SA | 25,208 | 128,717 | ||||||
Mediaset Espana Comunicacion SA | 12,000 | 77,350 | ||||||
Sacyr SA | 33,000 | 84,526 | ||||||
Talgo SA * ~ | 13,258 | 73,244 | ||||||
|
| |||||||
947,690 | ||||||||
|
| |||||||
Sweden - 4.9% |
| |||||||
Betsson AB | 11,489 | 55,605 | ||||||
Bilia AB ‘A’ | 8,874 | 70,435 | ||||||
Evolution Gaming Group AB ~ | 9,105 | 178,930 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-70
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Fastighets AB Balder ‘B’ * | 2,925 | $110,734 | ||||||
Hemfosa Fastigheter AB | 16,931 | 171,434 | ||||||
ICA Gruppen AB | 2,200 | 101,604 | ||||||
JM AB | 3,500 | 89,434 | ||||||
NetEnt AB | 20,268 | 62,488 | ||||||
Nyfosa AB * | 16,931 | 115,235 | ||||||
Orexo AB * | 9,000 | 48,933 | ||||||
Resurs Holding AB ~ | 12,000 | 71,101 | ||||||
SSAB AB ‘A’ | 32,965 | 91,656 | ||||||
Wihlborgs Fastigheter AB | 10,910 | 177,292 | ||||||
|
| |||||||
1,344,881 | ||||||||
|
| |||||||
Switzerland - 6.0% |
| |||||||
Adecco Group AG | 1,809 | 100,106 | ||||||
Baloise Holding AG | 875 | 156,778 | ||||||
Cembra Money Bank AG | 1,439 | 149,964 | ||||||
Coca-Cola HBC AG | 6,397 | 208,928 | ||||||
Forbo Holding AG | 70 | 103,956 | ||||||
Julius Baer Group Ltd | 2,500 | 110,727 | ||||||
Logitech International SA | 3,770 | 153,203 | ||||||
PSP Swiss Property AG | 1,738 | 220,660 | ||||||
Siegfried Holding AG | 357 | 140,497 | ||||||
Sonova Holding AG | 1,224 | 284,801 | ||||||
|
| |||||||
1,629,620 | ||||||||
|
| |||||||
United Kingdom - 12.7% |
| |||||||
Aggreko PLC | 8,555 | 87,392 | ||||||
Auto Trader Group PLC ~ | 22,698 | 142,263 | ||||||
Bellway PLC | 5,355 | 220,144 | ||||||
Bovis Homes Group PLC | 4,836 | 66,264 | ||||||
Charter Court Financial Services Group PLC ~ | 30,495 | 113,422 | ||||||
Dialog Semiconductor PLC * | 4,028 | 190,770 | ||||||
Drax Group PLC | 28,180 | 95,701 | ||||||
EI Group PLC * | 62,035 | 214,485 | ||||||
Fevertree Drinks PLC | 3,874 | 115,235 | ||||||
Gulf Keystone Petroleum Ltd | 32,731 | 91,923 | ||||||
Hansteen Holdings PLC REIT | 88,190 | 99,924 | ||||||
IMI PLC | 4,605 | 54,356 | ||||||
Inchcape PLC | 9,828 | 76,293 | ||||||
Intermediate Capital Group PLC | 7,339 | 131,232 | ||||||
International Personal Finance PLC | 31,062 | 42,317 | ||||||
J D Wetherspoon PLC | 7,389 | 140,819 | ||||||
Keller Group PLC | 13,168 | 91,537 | ||||||
Man Group PLC | 29,607 | 63,564 | ||||||
Mitchells & Butlers PLC * | 25,000 | 117,729 | ||||||
OneSavings Bank PLC | 25,380 | 115,274 | ||||||
Paragon Banking Group PLC | 20,981 | 124,416 | ||||||
Quilter PLC ~ | 50,000 | 83,706 | ||||||
Redrow PLC | 14,506 | 110,165 | ||||||
Rightmove PLC | 22,345 | 151,191 | ||||||
Safestore Holdings PLC REIT | 15,000 | 123,292 | ||||||
Spirent Communications PLC | 66,136 | 161,496 | ||||||
Stagecoach Group PLC | 36,558 | 60,098 | ||||||
Tate & Lyle PLC | 15,046 | 136,122 | ||||||
Vesuvius PLC | 13,798 | 77,260 | ||||||
WH Smith PLC | 6,648 | 162,444 | ||||||
|
| |||||||
3,460,834 | ||||||||
|
| |||||||
United States - 2.1% |
| |||||||
Argonaut Gold Inc * | 54,300 | 86,070 | ||||||
Caesarstone Ltd | 4,800 | 79,728 | ||||||
CyberArk Software Ltd * | 1,256 | 125,374 | ||||||
IMAX Corp * | 5,077 | 111,440 | ||||||
Oxford Immunotec Global PLC * | 5,000 | 83,150 | ||||||
Viemed Healthcare Inc * | 13,500 | 93,135 | ||||||
|
| |||||||
578,897 | ||||||||
|
| |||||||
Total Common Stocks |
| 27,007,620 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 0.4% |
| |||||||
Money Market Fund - 0.4% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio | 98,893 | $98,893 | ||||||
|
| |||||||
Total Short-Term Investment |
| 98,893 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.3% |
| 27,106,513 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.7% |
| 200,851 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $27,307,364 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 23.2% | |||
Industrial | 20.5% | |||
Consumer, Cyclical | 15.1% | |||
Consumer,Non-Cyclical | 13.6% | |||
Basic Materials | 6.7% | |||
Technology | 6.3% | |||
Communications | 5.5% | |||
Energy | 4.6% | |||
Utilities | 3.4% | |||
Others (each less than 3.0%) | 0.4% | |||
|
| |||
99.3% | ||||
Other Assets & Liabilities, Net | 0.7% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 23.7% | |||
United Kingdom | 12.7% | |||
Canada | 11.1% | |||
Switzerland | 6.0% | |||
South Korea | 5.3% | |||
Sweden | 4.9% | |||
Germany | 4.9% | |||
Netherlands | 4.6% | |||
France | 4.0% | |||
Spain | 3.5% | |||
Australia | 3.5% | |||
Others (each less than 3.0%) | 15.1% | |||
|
| |||
99.3% | ||||
Other Assets & Liabilities, Net | 0.7% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-71
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $946,466 | $— | $946,466 | $— | ||||||||||||||
Austria | 151,589 | — | 151,589 | — | ||||||||||||||
Belgium | 467,926 | — | 467,926 | — | ||||||||||||||
Canada | 3,035,136 | 3,035,136 | — | — | ||||||||||||||
China | 111,022 | — | 111,022 | — | ||||||||||||||
Denmark | 722,598 | 175,911 | 546,687 | — | ||||||||||||||
Egypt | 93,009 | — | 93,009 | |||||||||||||||
Finland | 90,963 | — | 90,963 | — | ||||||||||||||
France | 1,091,376 | — | 1,091,376 | — | ||||||||||||||
Germany | 1,328,769 | — | 1,328,769 | — | ||||||||||||||
Hong Kong | 188,517 | — | 188,517 | — | ||||||||||||||
Israel | 283,194 | 168,356 | 114,838 | — | ||||||||||||||
Italy | 674,538 | 101,627 | 572,911 | — | ||||||||||||||
Japan | 6,483,802 | — | 6,483,802 | — | ||||||||||||||
Jordan | 186,397 | — | 186,397 | |||||||||||||||
Netherlands | 1,255,613 | 129,820 | 1,125,793 | — | ||||||||||||||
New Zealand | 142,478 | — | 142,478 | — | ||||||||||||||
Norway | 217,449 | — | 217,449 | — | ||||||||||||||
Singapore | 124,876 | — | 124,876 | — | ||||||||||||||
South Korea | 1,449,980 | 63,362 | 1,386,618 | — | ||||||||||||||
Spain | 947,690 | 291,960 | 655,730 | — | ||||||||||||||
Sweden | 1,344,881 | 177,723 | 1,167,158 | — | ||||||||||||||
Switzerland | 1,629,620 | — | 1,629,620 | — | ||||||||||||||
United Kingdom | 3,460,834 | 1,166,192 | 2,294,642 | — | ||||||||||||||
United States | 578,897 | 578,897 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 27,007,620 | 5,888,984 | 21,118,636 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 98,893 | 98,893 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $27,106,513 | $5,987,877 | $21,118,636 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-72
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.9% |
| |||||||
Argentina - 0.4% |
| |||||||
YPF SA ADR | 24,366 | $225,386 | ||||||
|
| |||||||
Belgium - 1.3% |
| |||||||
Ageas | 13,610 | 754,475 | ||||||
|
| |||||||
Canada - 3.1% |
| |||||||
ARC Resources Ltd | 22,539 | 107,349 | ||||||
Barrick Gold Corp | 46,073 | 797,066 | ||||||
Cameco Corp | 15,658 | 148,751 | ||||||
Encana Corp | 64,213 | 294,202 | ||||||
Kinross Gold Corp * | 86,195 | 396,497 | ||||||
Tourmaline Oil Corp | 11,879 | 117,548 | ||||||
|
| |||||||
1,861,413 | ||||||||
|
| |||||||
China - 4.6% |
| |||||||
China Mobile Ltd | 81,223 | 672,831 | ||||||
China Telecom Corp Ltd ‘H’ | 1,167,743 | 531,743 | ||||||
China Unicom Hong Kong Ltd | 818,067 | 866,068 | ||||||
Dongfeng Motor Group Co Ltd ‘H’ | 744,191 | 707,065 | ||||||
|
| |||||||
2,777,707 | ||||||||
|
| |||||||
Denmark - 1.3% |
| |||||||
AP Moller - Maersk AS ‘B’ | 618 | 698,608 | ||||||
The Drilling Co of 1972 AS * | 1,233 | 69,102 | ||||||
|
| |||||||
767,710 | ||||||||
|
| |||||||
Finland - 1.0% |
| |||||||
Nokia OYJ | 119,813 | 605,094 | ||||||
|
| |||||||
France - 10.9% |
| |||||||
BNP Paribas SA | 20,588 | 1,000,928 | ||||||
Cie de Saint-Gobain | 30,717 | 1,203,887 | ||||||
Engie SA | 42,165 | 688,227 | ||||||
Renault SA | 9,775 | 561,020 | ||||||
Rexel SA | 59,109 | 632,211 | ||||||
Societe Generale SA | 27,939 | 765,311 | ||||||
TOTAL SA | 32,233 | 1,678,273 | ||||||
|
| |||||||
6,529,857 | ||||||||
|
| |||||||
Germany - 3.6% |
| |||||||
CECONOMY AG * | 35,795 | 193,590 | ||||||
Daimler AG | 12,842 | 638,467 | ||||||
Deutsche Lufthansa AG | 23,887 | 379,211 | ||||||
E.ON SE | 30,769 | 299,156 | ||||||
METRO AG | 12,207 | 192,583 | ||||||
RWE AG | 12,439 | 388,752 | ||||||
Salzgitter AG | 4,562 | 76,624 | ||||||
|
| |||||||
2,168,383 | ||||||||
|
| |||||||
India - 0.9% |
| |||||||
Canara Bank * | 99,228 | 255,709 | ||||||
NTPC Ltd | 36,808 | 61,059 | ||||||
Zee Entertainment Enterprises Ltd | 58,933 | 220,921 | ||||||
|
| |||||||
537,689 | ||||||||
|
| |||||||
Ireland - 0.8% |
| |||||||
Bank of Ireland Group PLC | 117,547 | 465,771 | ||||||
|
| |||||||
Italy - 6.3% |
| |||||||
Assicurazioni Generali SPA | 38,755 | 751,063 | ||||||
BPER Banca | 77,552 | 299,635 | ||||||
Eni SPA | 88,426 | 1,351,576 |
Shares | Value | |||||||
Saipem SPA * | 98,657 | $445,889 | ||||||
UniCredit SPA | 79,856 | 941,266 | ||||||
|
| |||||||
3,789,429 | ||||||||
|
| |||||||
Japan - 29.5% |
| |||||||
Benesse Holdings Inc | 5,329 | 138,821 | ||||||
Canon Inc | 15,538 | 415,520 | ||||||
Chiyoda Corp * | 23,328 | 61,184 | ||||||
Citizen Watch Co Ltd | 54,635 | 268,038 | ||||||
Dai-ichi Life Holdings Inc | 39,749 | 604,300 | ||||||
DeNA Co Ltd | 20,972 | 370,763 | ||||||
Eisai Co Ltd | 3,913 | 199,904 | ||||||
Fuji Media Holdings Inc | 11,300 | 146,002 | ||||||
Fujitsu Ltd | 5,530 | 444,447 | ||||||
Gree Inc | 49,892 | 227,606 | ||||||
Hitachi Metals Ltd | 35,983 | 390,776 | ||||||
Honda Motor Co Ltd | 49,748 | 1,302,624 | ||||||
Inpex Corp | 78,350 | 722,056 | ||||||
JGC Holdings Corp | 34,333 | 453,104 | ||||||
JSR Corp | 41,747 | 672,158 | ||||||
Mitsubishi Estate Co Ltd | 28,200 | 545,290 | ||||||
Mitsubishi Heavy Industries Ltd | 14,322 | 562,975 | ||||||
Mitsubishi Motors Corp | 34,500 | 150,516 | ||||||
Mitsubishi UFJ Financial Group Inc | 222,612 | 1,133,732 | ||||||
Mizuho Financial Group Inc | 433,582 | 666,309 | ||||||
Nikon Corp | 28,039 | 351,759 | ||||||
Nippon Television Holdings Inc | 21,934 | 282,317 | ||||||
Nissan Motor Co Ltd | 68,300 | 426,421 | ||||||
Nitto Denko Corp | 8,460 | 409,931 | ||||||
Nomura Holdings Inc | 162,200 | 689,487 | ||||||
Resona Holdings Inc | 156,100 | 671,721 | ||||||
Shimamura Co Ltd | 6,910 | 548,982 | ||||||
Sumitomo Mitsui Financial Group Inc | 29,190 | 1,003,030 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 17,052 | 617,485 | ||||||
T&D Holdings Inc | 87,044 | 930,129 | ||||||
Takeda Pharmaceutical Co Ltd | 26,462 | 908,062 | ||||||
THK Co Ltd | 13,600 | 360,308 | ||||||
Yahoo Japan Corp | 334,678 | 942,917 | ||||||
|
| |||||||
17,618,674 | ||||||||
|
| |||||||
Netherlands - 4.5% |
| |||||||
ABN AMRO Bank NV | 15,235 | 268,387 | ||||||
ING Groep NV | 78,622 | 821,346 | ||||||
PostNL NV | 104,517 | 231,639 | ||||||
Royal Dutch Shell PLC ‘B’ | 47,446 | 1,402,280 | ||||||
|
| |||||||
2,723,652 | ||||||||
|
| |||||||
Norway - 1.1% |
| |||||||
Norsk Hydro ASA | 180,312 | 634,910 | ||||||
|
| |||||||
Russia - 2.4% |
| |||||||
Gazprom PJSC ADR | 90,332 | 623,291 | ||||||
LUKOIL PJSC ADR | 5,244 | 433,836 | ||||||
Sberbank of Russia PJSC ADR | 26,084 | 368,893 | ||||||
|
| |||||||
1,426,020 | ||||||||
|
| |||||||
South Africa - 3.5% |
| |||||||
Anglo American Platinum Ltd | 3,953 | 238,310 | ||||||
Anglo American PLC | 33,184 | 762,630 | ||||||
Gold Fields Ltd ADR | 86,377 | 424,975 | ||||||
Impala Platinum Holdings Ltd * | 56,214 | 353,733 | ||||||
MTN Group Ltd | 46,924 | 298,567 | ||||||
|
| |||||||
2,078,215 | ||||||||
|
| |||||||
South Korea - 3.0% |
| |||||||
KB Financial Group Inc | 17,100 | 610,324 | ||||||
KT Corp ADR | 57,305 | 648,120 | ||||||
Shinhan Financial Group Co Ltd | 16,122 | 563,351 | ||||||
|
| |||||||
1,821,795 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-73
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Shares | Value | |||||||
Spain - 1.2% |
| |||||||
CaixaBank SA | 275,785 | $723,383 | ||||||
|
| |||||||
Switzerland - 5.9% |
| |||||||
Adecco Group AG | 16,242 | 898,797 | ||||||
Julius Baer Group Ltd | 15,821 | 700,727 | ||||||
LafargeHolcim Ltd | 17,047 | 839,458 | ||||||
UBS Group AG | 94,854 | 1,077,014 | ||||||
|
| |||||||
3,515,996 | ||||||||
|
| |||||||
Taiwan - 1.1% |
| |||||||
Innolux Corp | 939,000 | 199,663 | ||||||
MediaTek Inc | 12,643 | 150,423 | ||||||
Shin Kong Financial Holding Co Ltd * | 975,394 | 295,149 | ||||||
|
| |||||||
645,235 | ||||||||
|
| |||||||
United Kingdom - 10.5% |
| |||||||
Babcock International Group PLC | 50,538 | 346,605 | ||||||
BP PLC | 163,426 | 1,034,606 | ||||||
BT Group PLC | 269,176 | 590,412 | ||||||
Centrica PLC | 366,504 | 332,340 | ||||||
HSBC Holdings PLC | 142,802 | 1,094,180 | ||||||
J Sainsbury PLC | 213,683 | 576,599 | ||||||
Kingfisher PLC | 206,448 | 524,661 | ||||||
Land Securities Group PLC REIT | 30,621 | 322,500 | ||||||
Marks & Spencer Group PLC | 138,845 | 314,478 | ||||||
Standard Chartered PLC | 99,194 | 832,623 | ||||||
The British Land Co PLC REIT | 45,728 | 328,956 | ||||||
|
| |||||||
6,297,960 | ||||||||
|
| |||||||
Total Common Stocks | 57,968,754 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.2% |
| |||||||
Money Market Fund - 2.2% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio | 1,318,095 | 1,318,095 | ||||||
|
| |||||||
Total Short-Term Investment |
| 1,318,095 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.1% |
| 59,286,849 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.9% |
| 528,855 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $59,815,704 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 33.6% | |||
Energy | 14.2% | |||
Consumer, Cyclical | 11.1% | |||
Communications | 9.7% | |||
Basic Materials | 8.9% | |||
Industrial | 8.0% | |||
Consumer,Non-cyclical | 5.4% | |||
Technology | 3.0% | |||
Utilities | 3.0% | |||
Others (each less than 3.0%) | 2.2% | |||
|
| |||
99.1% | ||||
Other Assets & Liabilities, Net | 0.9% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 29.5% | |||
France | 10.9% | |||
United Kingdom | 10.5% | |||
Italy | 6.3% | |||
Switzerland | 5.9% | |||
China | 4.6% | |||
Netherlands | 4.5% | |||
Germany | 3.6% | |||
South Africa | 3.5% | |||
Canada | 3.1% | |||
South Korea | 3.0% | |||
Others (each less than 3.0%) | 13.7% | |||
|
| |||
99.1% | ||||
Other Assets & Liabilities, Net | 0.9% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-74
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Argentina | $225,386 | $225,386 | $— | $— | ||||||||||||||
Belgium | 754,475 | — | 754,475 | — | ||||||||||||||
Canada | 1,861,413 | 1,861,413 | — | — | ||||||||||||||
China | 2,777,707 | — | 2,777,707 | — | ||||||||||||||
Denmark | 767,710 | — | 767,710 | — | ||||||||||||||
Finland | 605,094 | — | 605,094 | — | ||||||||||||||
France | 6,529,857 | — | 6,529,857 | — | ||||||||||||||
Germany | 2,168,383 | — | 2,168,383 | — | ||||||||||||||
India | 537,689 | — | 537,689 | — | ||||||||||||||
Ireland | 465,771 | — | 465,771 | — | ||||||||||||||
Italy | 3,789,429 | — | 3,789,429 | — | ||||||||||||||
Japan | 17,618,674 | — | 17,618,674 | — | ||||||||||||||
Netherlands | 2,723,652 | — | 2,723,652 | — | ||||||||||||||
Norway | 634,910 | — | 634,910 | — | ||||||||||||||
Russia | 1,426,020 | 1,426,020 | — | — | ||||||||||||||
South Africa | 2,078,215 | 663,285 | 1,414,930 | — | ||||||||||||||
South Korea | 1,821,795 | 648,120 | 1,173,675 | — | ||||||||||||||
Spain | 723,383 | — | 723,383 | — | ||||||||||||||
Switzerland | 3,515,996 | — | 3,515,996 | — | ||||||||||||||
Taiwan | 645,235 | — | 645,235 | — | ||||||||||||||
United Kingdom | 6,297,960 | — | 6,297,960 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 57,968,754 | 4,824,224 | 53,144,530 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,318,095 | 1,318,095 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $59,286,849 | $6,142,319 | $53,144,530 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-75
Table of Contents
PACIFIC FUNDS
PF REAL ESTATE FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 99.0% |
| |||||||
Consumer, Cyclical - 1.6% |
| |||||||
Hilton Worldwide Holdings Inc | 13,406 | $1,248,233 | ||||||
|
| |||||||
Financial - 94.8% |
| |||||||
Alexandria Real Estate Equities Inc REIT | 19,845 | 3,056,924 | ||||||
American Homes 4 Rent ‘A’ REIT | 74,181 | 1,920,546 | ||||||
American Tower Corp REIT | 3,210 | 709,827 | ||||||
Americold Realty Trust REIT | 25,670 | 951,587 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 42,159 | 2,198,170 | ||||||
AvalonBay Communities Inc REIT | 20,767 | 4,471,758 | ||||||
Boston Properties Inc REIT | 16,320 | 2,116,051 | ||||||
Cousins Properties Inc REIT | 48,059 | 1,806,538 | ||||||
Crown Castle International Corp REIT | 3,450 | 479,584 | ||||||
CubeSmart REIT | 36,856 | 1,286,274 | ||||||
Duke Realty Corp REIT | 36,922 | 1,254,240 | ||||||
EPR Properties REIT | 19,448 | 1,494,773 | ||||||
Equinix Inc REIT | 8,850 | 5,104,680 | ||||||
Equity LifeStyle Properties Inc REIT | 9,671 | 1,292,046 | ||||||
Equity Residential REIT | 9,854 | 850,006 | ||||||
Essential Properties Realty Trust REIT | 29,523 | 676,372 | ||||||
Essex Property Trust Inc REIT | 9,886 | 3,229,262 | ||||||
Extra Space Storage Inc REIT | 16,613 | 1,940,731 | ||||||
First Industrial Realty Trust Inc REIT | 18,377 | 726,994 | ||||||
HCP Inc REIT | 28,082 | 1,000,562 | ||||||
Healthcare Realty Trust Inc REIT | 27,570 | 923,595 | ||||||
Healthcare Trust of America Inc ‘A’ REIT | 90,477 | 2,658,214 | ||||||
Host Hotels & Resorts Inc REIT | 69,907 | 1,208,692 | ||||||
Industrial Logistics Properties Trust REIT | 406 | 8,628 | ||||||
Invitation Homes Inc REIT | 127,363 | 3,771,218 | ||||||
Kilroy Realty Corp REIT | 21,294 | 1,658,590 | ||||||
Physicians Realty Trust REIT | 27,796 | 493,379 | ||||||
Prologis Inc REIT | 65,495 | 5,581,484 | ||||||
Public Storage REIT | 4,689 | 1,150,071 | ||||||
Regency Centers Corp REIT | 38,021 | 2,642,079 | ||||||
Sabra Health Care REIT Inc | 40,918 | 939,477 | ||||||
Simon Property Group Inc REIT | 17,544 | 2,730,724 | ||||||
STORE Capital Corp REIT | 65,769 | 2,460,418 | ||||||
Sun Communities Inc REIT | 15,919 | 2,363,176 | ||||||
Sunstone Hotel Investors Inc REIT | 65,145 | 895,092 | ||||||
Taubman Centers Inc REIT | 11,683 | 477,017 | ||||||
Terreno Realty Corp REIT | 26,554 | 1,356,644 | ||||||
VICI Properties Inc REIT | 50,703 | 1,148,423 | ||||||
Welltower Inc REIT | 47,067 | 4,266,624 | ||||||
Weyerhaeuser Co REIT | 15,041 | 416,636 | ||||||
|
| |||||||
73,717,106 | ||||||||
|
|
Shares | Value | |||||||
Technology - 2.6% |
| |||||||
InterXion Holding NV (Netherlands) * | 24,471 | $1,993,408 | ||||||
|
| |||||||
Total Common Stocks | 76,958,747 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 94,714 | 94,714 | ||||||
|
| |||||||
Total Short-Term Investment | 94,714 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.1% | 77,053,461 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.9% | 669,224 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $77,722,685 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition by property sector as a percentage of net assets was as follows: |
REITS-Apartments | 21.2% | |||
REITS-Diversified | 13.7% | |||
REITS-Health Care | 13.2% | |||
REITS-Office Property | 11.1% | |||
REITS-Warehouse/Industrial | 11.1% | |||
REITS-Storage | 5.6% | |||
REITS-Manufactured Homes | 4.7% | |||
REITS-Regional Malls | 4.1% | |||
REITS-Single Tenant | 4.0% | |||
REITS-Shopping Centers | 3.4% | |||
Others (each less than 3.0%) | 6.9% | |||
|
| |||
99.0% | ||||
Short-Term Investment | 0.1% | |||
Other Assets & Liabilities, Net | 0.9% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $76,958,747 | $76,958,747 | $— | $— | |||||||||||||
Short-Term Investment | 94,714 | 94,714 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $77,053,461 | $77,053,461 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-76
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments
September 30, 2019 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 30.1% | ||||||||
Communications - 3.9% | ||||||||
AT&T Inc | $800,000 | $807,276 | ||||||
NBCUniversal Enterprise Inc | 815,000 | 816,844 | ||||||
Verizon Communications Inc | 809,000 | 821,460 | ||||||
|
| |||||||
2,445,580 | ||||||||
|
| |||||||
Consumer, Cyclical - 1.5% | ||||||||
BMW US Capital LLC (Germany) | ||||||||
2.676% (USD LIBOR + 0.500%) | 300,000 | 300,720 | ||||||
2.683% (USD LIBOR + 0.640%) | 195,000 | 195,809 | ||||||
Daimler Finance North America LLC (Germany) | 110,000 | 110,331 | ||||||
Toyota Motor Credit Corp | 295,000 | 296,377 | ||||||
|
| |||||||
903,237 | ||||||||
|
| |||||||
Consumer,Non-Cyclical - 2.9% | ||||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 290,000 | 293,761 | ||||||
Bristol-Myers Squibb Co | 665,000 | 665,931 | ||||||
CVS Health Corp | 670,000 | 673,421 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom) | 165,000 | 165,274 | ||||||
|
| |||||||
1,798,387 | ||||||||
|
| |||||||
Energy - 1.5% | ||||||||
BP Capital Markets PLC (United Kingdom) | 431,000 | 431,613 | ||||||
Enterprise Products Operating LLC | 100,000 | 100,019 | ||||||
Phillips 66 | 135,000 | 135,048 | ||||||
TransCanada PipeLines Ltd (Canada) | 290,000 | 289,902 | ||||||
|
| |||||||
956,582 | ||||||||
|
| |||||||
Financial - 14.9% | ||||||||
ABN AMRO Bank NV (Netherlands) | 190,000 | 190,662 | ||||||
AIG Global Funding | 185,000 | 184,994 | ||||||
American Express Co | 810,000 | 812,346 | ||||||
Bank of America Corp | 830,000 | 833,149 |
Principal | Value | |||||||
Capital One Financial Corp | $665,000 | $670,335 | ||||||
Citigroup Inc | 860,000 | 869,375 | ||||||
JPMorgan Chase & Co | ||||||||
2.652% (USD LIBOR + 0.550%) | 830,000 | 831,153 | ||||||
2.755% (USD LIBOR + 0.610%) | 55,000 | 55,186 | ||||||
Morgan Stanley | 840,000 | 848,306 | ||||||
New York Life Global Funding | 330,000 | 331,014 | ||||||
Royal Bank of Canada (Canada) | 465,000 | 466,089 | ||||||
The Goldman Sachs Group Inc | 810,000 | 817,135 | ||||||
The Toronto-Dominion Bank (Canada) | 295,000 | 296,150 | ||||||
US Bank NA | 320,000 | 320,256 | ||||||
Wells Fargo & Co | 865,000 | 870,477 | ||||||
Westpac Banking Corp (Australia) | 900,000 | 910,521 | ||||||
|
| |||||||
9,307,148 | ||||||||
|
| |||||||
Industrial - 3.2% | ||||||||
Caterpillar Financial Services Corp | 414,000 | 414,052 | ||||||
2.452% (USD LIBOR + 0.350%) | 345,000 | 345,679 | ||||||
Honeywell International Inc | 310,000 | 311,840 | ||||||
John Deere Capital Corp | 665,000 | 666,694 | ||||||
United Technologies Corp | 270,000 | 270,026 | ||||||
|
| |||||||
2,008,291 | ||||||||
|
| |||||||
Technology - 0.7% | ||||||||
International Business Machines Corp | 440,000 | 441,842 | ||||||
|
| |||||||
Utilities - 1.5% |
| |||||||
Dominion Energy Gas Holdings LLC | 600,000 | 602,720 | ||||||
Florida Power & Light Co | 345,000 | 345,099 | ||||||
|
| |||||||
947,819 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 18,808,886 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-77
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Principal | Value | |||||||
ASSET-BACKED SECURITIES - 8.5% | ||||||||
Ally Auto Receivables Trust | $368,548 | $369,325 | ||||||
Capital One Multi-Asset Execution Trust | ||||||||
2.438% (USD LIBOR + 0.410%) | 250,000 | 250,378 | ||||||
2.538% (USD LIBOR + 0.510%) | 405,000 | 407,821 | ||||||
2.658% (USD LIBOR + 0.630%) | 325,000 | 326,905 | ||||||
CARDS II Trust (Canada) | 150,000 | 150,236 | ||||||
Chase Issuance Trust | ||||||||
2.228% (USD LIBOR + 0.200%) | 248,000 | 248,266 | ||||||
2.578% (USD LIBOR + 0.550%) | 212,000 | 213,464 | ||||||
Citibank Credit Card Issuance Trust | 670,000 | 674,227 | ||||||
Evergreen Credit Card Trust (Canada) | 120,000 | 120,398 | ||||||
Ford Credit Auto Lease Trust | 350,000 | 349,873 | ||||||
Ford Credit Auto Owner Trust | 325,000 | 325,072 | ||||||
GM Financial Consumer Automobile Receivables Trust | 274,597 | 274,583 | ||||||
Navient Student Loan Trust | 64,613 | 64,562 | ||||||
Nissan Auto Receivables Owner Trust | 145,000 | 145,592 | ||||||
USAA Auto Owner Trust | 350,000 | 350,554 | ||||||
Verizon Owner Trust | ||||||||
2.060% due 04/20/22 ~ | 230,000 | 230,236 | ||||||
2.304% (USD LIBOR + 0.260%) | 376,000 | 376,006 | ||||||
World Omni Auto Receivables Trust | 390,000 | 391,601 | ||||||
|
| |||||||
Total Asset-Backed Securities | 5,269,099 | |||||||
|
|
Principal | Value | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 23.9% |
| |||||||
Bundesrepublik Deutschland Bundesanleihe | EUR 3,500,000 | $3,854,193 | ||||||
Canadian Government (Canada) | CAD 5,300,000 | 3,993,572 | ||||||
French Republic Government OAT (France) | EUR 2,900,000 | 3,173,639 | ||||||
United Kingdom Gilt (United Kingdom) | GBP 3,100,000 | 3,880,206 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 14,901,610 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 38.0% |
| |||||||
Money Market Fund - 25.7% |
| |||||||
BlackRock Liquidity FundsT-Fund Portfolio ‘Institutional’ 1.870% | 16,078,598 | 16,078,598 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 12.3% |
| |||||||
1.725% due 06/18/20 ‡ | $4,000,000 | 3,949,025 | ||||||
1.917% due 10/15/19 | 1,000,000 | 999,323 | ||||||
2.016% due 10/08/19 | 1,500,000 | 1,499,488 | ||||||
2.398% due 10/31/19 | 1,215,000 | 1,213,220 | ||||||
|
| |||||||
7,661,056 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 23,739,654 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.5% |
| 62,719,249 | ||||||
DERIVATIVES - (1.2%) |
| (768,073 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.7% |
| 470,690 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $62,421,866 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2019, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 38.0% | |||
Corporate Bonds & Notes | 30.1% | |||
Foreign Government Bonds & Notes | 23.9% | |||
Asset-Backed Securities | 8.5% | |||
|
| |||
100.5% | ||||
Derivatives | (1.2% | ) | ||
Other Assets & Liabilities, Net | 0.7% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2019, an investment with a value of $335,620 was fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-78
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
(c) | Forward foreign currency contracts outstanding as of September 30, 2019 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||
AUD | 6,559,834 | USD | 4,452,119 | 10/19 | CIT | $— | ($21,751 | ) | ||||||||||||||||||||||
AUD | 4,106,180 | USD | 2,865,744 | 10/19 | GSC | — | (92,520 | ) | ||||||||||||||||||||||
AUD | 728,769 | USD | 509,872 | 10/19 | RBC | — | (17,678 | ) | ||||||||||||||||||||||
AUD | 1,024,292 | USD | 714,495 | 10/19 | SCB | — | (22,711 | ) | ||||||||||||||||||||||
AUD | 4,111,972 | USD | 2,856,583 | 10/19 | SSB | — | (79,447 | ) | ||||||||||||||||||||||
BRL | 56,589,040 | USD | 14,204,840 | 10/19 | GSC | — | (602,407 | ) | ||||||||||||||||||||||
BRL | 2,428,495 | USD | 586,877 | 10/19 | SSB | — | (3,134 | ) | ||||||||||||||||||||||
CAD | 5,263,304 | USD | 3,980,079 | 10/19 | CIT | — | (6,239 | ) | ||||||||||||||||||||||
CAD | 2,100,781 | USD | 1,594,906 | 10/19 | GSC | — | (8,798 | ) | ||||||||||||||||||||||
CAD | 1,188,922 | USD | 912,366 | 10/19 | RBC | — | (14,719 | ) | ||||||||||||||||||||||
CAD | 1,727,372 | USD | 1,308,397 | 10/19 | SSB | — | (4,216 | ) | ||||||||||||||||||||||
CHF | 8,162,711 | USD | 8,307,234 | 10/19 | CIT | — | (115,882 | ) | ||||||||||||||||||||||
CHF | 5,019,478 | USD | 5,122,850 | 10/19 | GSC | — | (85,760 | ) | ||||||||||||||||||||||
CHF | 2,393,034 | USD | 2,432,534 | 10/19 | SSB | — | (31,104 | ) | ||||||||||||||||||||||
CLP | 348,667,181 | USD | 508,617 | 10/19 | CIT | — | (30,270 | ) | ||||||||||||||||||||||
CLP | 520,415,714 | USD | 759,531 | 10/19 | GSC | — | (45,558 | ) | ||||||||||||||||||||||
COP | 32,540,113,000 | USD | 9,622,413 | 10/19 | BRC | — | (279,167 | ) | ||||||||||||||||||||||
CZK | 33,055,029 | USD | 1,454,759 | 10/19 | CIT | — | (57,694 | ) | ||||||||||||||||||||||
CZK | 26,012,534 | USD | 1,115,164 | 10/19 | GSC | — | (15,749 | ) | ||||||||||||||||||||||
CZK | 38,774,644 | USD | 1,643,620 | 10/19 | SSB | — | (4,817 | ) | ||||||||||||||||||||||
EUR | 4,451,086 | USD | 4,957,467 | 10/19 | CIT | — | (99,397 | ) | ||||||||||||||||||||||
EUR | 5,271,520 | USD | 5,879,038 | 10/19 | GSC | — | (125,517 | ) | ||||||||||||||||||||||
EUR | 823,931 | USD | 922,198 | 10/19 | SCB | — | (22,931 | ) | ||||||||||||||||||||||
EUR | 3,417,327 | USD | 3,816,145 | 10/19 | SSB | — | (86,356 | ) | ||||||||||||||||||||||
GBP | 3,142,502 | USD | 3,925,118 | 10/19 | CIT | — | (58,433 | ) | ||||||||||||||||||||||
GBP | 2,302,271 | USD | 2,889,412 | 10/19 | GSC | — | (56,588 | ) | ||||||||||||||||||||||
GBP | 541,539 | USD | 681,586 | 10/19 | RBC | — | (15,251 | ) | ||||||||||||||||||||||
GBP | 580,880 | USD | 730,340 | 10/19 | SCB | — | (15,598 | ) | ||||||||||||||||||||||
GBP | 2,266,254 | USD | 2,832,087 | 10/19 | SSB | — | (43,581 | ) | ||||||||||||||||||||||
HUF | 761,533,213 | USD | 2,539,291 | 10/19 | GSC | — | (57,895 | ) | ||||||||||||||||||||||
HUF | 80,260,250 | USD | 277,958 | 10/19 | SSB | — | (16,436 | ) | ||||||||||||||||||||||
JPY | 1,537,900,000 | USD | 14,403,508 | 10/19 | BRC | — | (162,872 | ) | ||||||||||||||||||||||
JPY | 1,482,145,643 | USD | 13,773,983 | 10/19 | CIT | — | (49,621 | ) | ||||||||||||||||||||||
JPY | 65,744,332 | USD | 610,479 | 10/19 | GSC | — | (1,700 | ) | ||||||||||||||||||||||
JPY | 215,492,481 | USD | 1,995,188 | 10/19 | SCB | 228 | — | |||||||||||||||||||||||
JPY | 1,102,637,015 | USD | 10,197,940 | 10/19 | SSB | 12,250 | — | |||||||||||||||||||||||
MXN | 24,312,856 | USD | 1,242,226 | 10/19 | CIT | — | (13,894 | ) | ||||||||||||||||||||||
MXN | 43,898,563 | USD | 2,187,769 | 10/19 | GSC | 30,070 | — | |||||||||||||||||||||||
MXN | 184,570,000 | USD | 9,412,227 | 10/19 | JPM | — | (87,397 | ) | ||||||||||||||||||||||
MXN | 28,106,277 | USD | 1,441,710 | 10/19 | SSB | — | (21,727 | ) | ||||||||||||||||||||||
MYR | 9,937,000 | USD | 2,379,550 | 10/19 | BRC | — | (7,774 | ) | ||||||||||||||||||||||
NOK | 42,584,769 | USD | 4,760,000 | 10/19 | CIB | — | (77,636 | ) | ||||||||||||||||||||||
NOK | 212,511,264 | USD | 24,411,939 | 10/19 | CIT | — | (1,045,486 | ) | ||||||||||||||||||||||
NOK | 33,485,208 | USD | 3,836,543 | 10/19 | GSC | — | (154,712 | ) | ||||||||||||||||||||||
NOK | 3,728,185 | USD | 437,011 | 10/19 | RBC | — | (27,082 | ) | ||||||||||||||||||||||
NOK | 84,154,578 | USD | 9,530,495 | 10/19 | SSB | — | (277,366 | ) | ||||||||||||||||||||||
NZD | 6,866,740 | USD | 4,369,290 | 10/19 | CIT | — | (67,599 | ) | ||||||||||||||||||||||
NZD | 2,580,705 | USD | 1,659,793 | 10/19 | GSC | — | (43,102 | ) | ||||||||||||||||||||||
NZD | 768,502 | USD | 513,446 | 10/19 | RBC | — | (32,016 | ) | ||||||||||||||||||||||
NZD | 7,298,118 | USD | 4,653,026 | 10/19 | SSB | — | (81,097 | ) | ||||||||||||||||||||||
PLN | 2,365,587 | USD | 622,690 | 10/19 | CIT | — | (32,654 | ) | ||||||||||||||||||||||
PLN | 5,315,335 | USD | 1,369,190 | 10/19 | GSC | — | (43,413 | ) | ||||||||||||||||||||||
PLN | 1,052,694 | USD | 277,019 | 10/19 | SSB | — | (14,451 | ) | ||||||||||||||||||||||
SEK | 41,542,402 | USD | 4,359,777 | 10/19 | GSC | — | (134,733 | ) | ||||||||||||||||||||||
SEK | 188,802,365 | USD | 19,673,951 | 10/19 | SSB | — | (471,925 | ) | ||||||||||||||||||||||
TRY | 6,397,008 | USD | 1,107,477 | 10/19 | GSC | 18,651 | — | |||||||||||||||||||||||
TRY | 3,066,427 | USD | 537,592 | 10/19 | SSB | 2,221 | — | |||||||||||||||||||||||
USD | 5,507,071 | AUD | 7,976,409 | 10/19 | CIT | 119,980 | — | |||||||||||||||||||||||
USD | 4,653,507 | AUD | 6,865,867 | 10/19 | GSC | 16,451 | — | |||||||||||||||||||||||
USD | 707,492 | AUD | 1,022,152 | 10/19 | SCB | 17,153 | — | |||||||||||||||||||||||
USD | 6,461,713 | AUD | 9,443,586 | 10/19 | SSB | 83,723 | — | |||||||||||||||||||||||
USD | 923,867 | BRL | 3,505,892 | 10/19 | CIT | 81,148 | — | |||||||||||||||||||||||
USD | 2,757,784 | BRL | 10,584,374 | 10/19 | GSC | 213,594 | — | |||||||||||||||||||||||
USD | 4,760,000 | CAD | 6,294,624 | 10/19 | CIB | 7,504 | — | |||||||||||||||||||||||
USD | 8,310,561 | CAD | 10,934,472 | 10/19 | CIT | 54,940 | — | |||||||||||||||||||||||
USD | 4,317,823 | CAD | 5,669,200 | 10/19 | GSC | 37,527 | — | |||||||||||||||||||||||
USD | 13,697,694 | CAD | 18,040,000 | 10/19 | MSC | 77,337 | — | |||||||||||||||||||||||
USD | 5,568,333 | CAD | 7,295,212 | 10/19 | SSB | 60,384 | — |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-79
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2019 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
USD | 12,675,844 | CHF | 12,427,764 | 10/19 | CIT | $204,474 | $— | |||||||||||||||||||||||||
USD | 3,841,566 | CHF | 3,768,346 | 10/19 | GSC | 59,998 | — | |||||||||||||||||||||||||
USD | 662,276 | CHF | 651,954 | 10/19 | SCB | 8,035 | — | |||||||||||||||||||||||||
USD | 20,856,113 | CHF | 20,552,783 | 10/19 | SSB | 231,216 | — | |||||||||||||||||||||||||
USD | 1,234,132 | CLP | 869,075,811 | 10/19 | GSC | 41,821 | — | |||||||||||||||||||||||||
USD | 1,453,559 | CZK | 33,056,117 | 10/19 | GSC | 56,449 | — | |||||||||||||||||||||||||
USD | 20,231,775 | EUR | 18,013,619 | 10/19 | CIT | 571,085 | — | |||||||||||||||||||||||||
USD | 4,062,973 | EUR | 3,630,458 | 10/19 | GSC | 100,564 | — | |||||||||||||||||||||||||
USD | 2,425,105 | EUR | 2,190,000 | 10/19 | JPM | 34,863 | — | |||||||||||||||||||||||||
USD | 900,341 | EUR | 792,962 | 10/19 | RBC | 34,875 | — | |||||||||||||||||||||||||
USD | 2,282,402 | GBP | 1,857,767 | 10/19 | CIT | — | (3,483 | ) | ||||||||||||||||||||||||
USD | 6,081,660 | GBP | 4,923,537 | 10/19 | GSC | 23,505 | — | |||||||||||||||||||||||||
USD | 585,346 | GBP | 481,010 | 10/19 | SSB | — | (6,512 | ) | ||||||||||||||||||||||||
USD | 4,740,888 | HUF | 1,430,800,000 | 10/19 | BRC | 78,739 | — | |||||||||||||||||||||||||
USD | 1,888,161 | HUF | 545,300,941 | 10/19 | CIT | 111,341 | — | |||||||||||||||||||||||||
USD | 999,006 | HUF | 296,574,042 | 10/19 | GSC | 32,643 | — | |||||||||||||||||||||||||
USD | 547,690 | HUF | 167,647,829 | 10/19 | SSB | 1,423 | — | |||||||||||||||||||||||||
USD | 4,825,765 | JPY | 512,865,250 | 10/19 | CIT | 76,739 | — | |||||||||||||||||||||||||
USD | 8,197,544 | JPY | 880,978,046 | 10/19 | GSC | 39,869 | — | |||||||||||||||||||||||||
USD | 1,113,885 | JPY | 119,541,531 | 10/19 | RBC | 6,955 | — | |||||||||||||||||||||||||
USD | 717,746 | JPY | 77,363,008 | 10/19 | SCB | 1,381 | — | |||||||||||||||||||||||||
USD | 2,380,448 | JPY | 253,558,946 | 10/19 | SSB | 32,544 | — | |||||||||||||||||||||||||
USD | 549,107 | KRW | 658,927,988 | 10/19 | SSB | — | (1,301 | ) | ||||||||||||||||||||||||
USD | 2,952,687 | MXN | 57,559,672 | 10/19 | CIT | 44,662 | — | |||||||||||||||||||||||||
USD | 5,365,964 | MXN | 105,184,137 | 10/19 | GSC | 51,860 | — | |||||||||||||||||||||||||
USD | 1,109,898 | MXN | 22,251,459 | 10/19 | SSB | — | (14,288 | ) | ||||||||||||||||||||||||
USD | 3,047,301 | NOK | 26,057,387 | 10/19 | CIT | 182,189 | — | |||||||||||||||||||||||||
USD | 6,520,875 | NOK | 58,151,436 | 10/19 | SSB | 126,895 | — | |||||||||||||||||||||||||
USD | 9,576,528 | NZD | 14,905,000 | 10/19 | CIB | 239,243 | — | |||||||||||||||||||||||||
USD | 5,761,260 | NZD | 8,757,721 | 10/19 | CIT | 274,957 | — | |||||||||||||||||||||||||
USD | 2,702,302 | NZD | 4,121,183 | 10/19 | GSC | 120,574 | — | |||||||||||||||||||||||||
USD | 2,233,207 | NZD | 3,368,814 | 10/19 | SCB | 122,803 | — | |||||||||||||||||||||||||
USD | 4,155,814 | NZD | 6,279,126 | 10/19 | SSB | 222,236 | — | |||||||||||||||||||||||||
USD | 2,212,638 | PLN | 8,733,260 | 10/19 | GSC | 34,345 | — | |||||||||||||||||||||||||
USD | 6,426,937 | SEK | 61,793,121 | 10/19 | CIT | 142,306 | — | |||||||||||||||||||||||||
USD | 262,982 | SEK | 2,452,188 | 10/19 | RBC | 13,584 | — | |||||||||||||||||||||||||
USD | 724,052 | SEK | 6,773,069 | 10/19 | SCB | 35,201 | — | |||||||||||||||||||||||||
USD | 4,216,949 | SEK | 40,217,923 | 10/19 | SSB | 126,610 | — | |||||||||||||||||||||||||
USD | 9,666,286 | THB | 296,030,000 | 10/19 | BRC | — | (15,593 | ) | ||||||||||||||||||||||||
USD | 655,376 | ZAR | 9,840,278 | 10/19 | SSB | 7,169 | — | |||||||||||||||||||||||||
ZAR | 18,118,067 | USD | 1,260,826 | 10/19 | CIT | — | (67,338 | ) | ||||||||||||||||||||||||
ZAR | 2,466 | USD | 173 | 10/19 | GSC | — | (11 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $4,326,314 | ($5,094,387 | ) | |||||||||||||||||||||||||||||
|
|
|
|
(d) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of September 30, 2019:
Total Value at September 30, 2019 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $18,808,886 | $— | $18,808,886 | $— | |||||||||||||
Asset-Backed Securities | 5,269,099 | — | 5,269,099 | — | ||||||||||||||
Foreign Government Bonds & Notes | 14,901,610 | — | 14,901,610 | — | ||||||||||||||
Short-Term Investments | 23,739,654 | 16,078,598 | 7,661,056 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 4,326,314 | — | 4,326,314 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 67,045,563 | 16,078,598 | 50,966,965 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (5,094,387 | ) | — | (5,094,387 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (5,094,387 | ) | — | (5,094,387 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $61,951,176 | $16,078,598 | $45,872,578 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-81 and A-82 |
A-80
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2019 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing investments. | |
^ | Investments with their principal amount adjusted for inflation. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of September 30, 2019. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. | |
Y | Issuer filed bankruptcy and/or is in default as of September 30, 2019. | |
¥ | All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act) and these securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | |
‡ | Investments were fully or partially segregated with the broker(s)/custodian as collateral for futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of September 30, 2019. | |
W | The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees (the “Board”. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940. | |
» | Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. | |
Counterparty & Exchange Abbreviations: | ||
ANZ | Australia and New Zealand Banking Group | |
BNP | BNP Paribas | |
BOA | Bank of America | |
BRC | Barclays | |
BSC | Banco Santander Central Hispano | |
CIB | Canadian Imperial Bank of Commerce | |
CIT | Citigroup | |
CME | Chicago Mercantile Exchange | |
CSF | Credit Suisse | |
DUB | Deutsche Bank | |
EUX | Eurex Exchange | |
GSC | Goldman Sachs | |
HSB | HSBC | |
ICE | Intercontinental Exchange Inc | |
JPM | JPMorgan Chase | |
LCH | London Clearing House | |
MER | Merrill Lynch | |
MSC | Morgan Stanley | |
RBC | Royal Bank of Canada | |
RBS | Royal Bank of Scotland | |
SCB | Standard Chartered Bank | |
SGN | Societe Generale | |
SSB | State Street Bank | |
UBS | UBS |
Currency Abbreviations: | ||
ARS | Argentine Peso | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
CNH | Renminbi Offshore (Hong Kong) | |
CNY | Chinese Renminbi | |
COP | Colombian Peso | |
CZK | Czech Koruna | |
EGP | Egyptian Pound | |
EUR | Euro | |
GBP | British Pound | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PEN | Peruvian Nuevo Sol | |
PHP | Philippine Peso | |
PLN | Polish Zloty | |
RON | Romanian Leu | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | Taiwan Dollar | |
UAH | Ukrainian Hryvnia | |
USD | United States Dollar | |
UYU | Uruguayan Peso | |
ZAR | South African Rand | |
Payment Frequency Abbreviations: | ||
A | Annual | |
L | Lunar | |
M | Monthly | |
Q | Quarterly | |
S | Semiannual | |
Z | At Maturity | |
Reference Rate Abbreviations: | ||
ARS Deposit | Argentina Deposit Rate | |
ARS Reference | Argentina Reference Rate | |
AUD Bank Bill | Australian Dollar Bank Bill Rate | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
SONIA | Sterling Overnight Interbank Average Rate | |
US FED | United States Federal Reserve Bank Rate | |
US PRIME | United States Prime Rate | |
UST | United States Treasury Rate | |
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
CDI | Chess Depositary Interests | |
GDR | Global Depositary Receipt | |
IO | Interest Only | |
PIK | Payment In Kind | |
REIT | Real Estate Investment Trust |
See Notes to Financial Statements |
A-81
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms (Continued)
September 30, 2019 (Unaudited)
Notes:
For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.
The countries listed in the Schedules of Investments are based on country of risk.
The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.
See Notes to Financial Statements |
A-82
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2019 (Unaudited)
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Developing Growth Fund | PF Growth Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $55,764,962 | $693,994,530 | $159,313,227 | $60,814,883 | $13,901,753 | $176,059,548 | ||||||||||||||||||||||||
Outstanding purchased options, at value | 2,426 | 64,058 | — | — | — | — | ||||||||||||||||||||||||
Cash | — | — | 88,377 | — | — | — | ||||||||||||||||||||||||
Cash (segregated for derivative instruments) | 429,000 | 3,139,571 | 121,300 | 538,397 | — | — | ||||||||||||||||||||||||
Foreign currency held, at value | 34,210 | 2,042,696 | 3,450 | 170,329 | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 111,844 | 3,625,957 | 984,252 | 816,086 | 862 | 53,576 | ||||||||||||||||||||||||
Securities sold | 19,916,714 | 224,647,076 | 1,255,698 | 67,861 | 170,096 | — | ||||||||||||||||||||||||
Variation margin on futures contracts | 49,011 | 507,543 | — | — | — | — | ||||||||||||||||||||||||
Variation margin on swap contracts | 41,877 | 1,534,562 | — | — | — | — | ||||||||||||||||||||||||
Swap agreements | 2,041 | — | — | 8,155 | — | — | ||||||||||||||||||||||||
Due from adviser | 4,046 | 37,740 | 11,614 | 9,230 | 2,191 | 10,526 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | 37,460 | 1,590,444 | — | 249,748 | — | — | ||||||||||||||||||||||||
Swap premiums paid | 1,839 | 19,145 | — | — | — | — | ||||||||||||||||||||||||
Swap agreements appreciation | 4,274 | 540,557 | — | — | — | — | ||||||||||||||||||||||||
Unfunded loan commitment appreciation | — | 3 | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | — | 6,320 | 4 | — | — | 294 | ||||||||||||||||||||||||
Total Assets | 76,399,704 | 931,750,202 | 161,777,922 | 62,674,689 | 14,074,902 | 176,123,944 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 25,403 | 311,286 | 62,135 | 20,432 | 10,944 | 198,626 | ||||||||||||||||||||||||
Securities purchased | 27,289,680 | 377,238,101 | 3,380,144 | 10,489 | 179,346 | — | ||||||||||||||||||||||||
Securities sold short, at value | — | 7,636,921 | — | — | — | — | ||||||||||||||||||||||||
Sale-buyback financing transactions | 12,094,294 | 44,635,678 | — | — | — | — | ||||||||||||||||||||||||
Due to custodian | 7,797 | 209,733 | — | 203,885 | — | — | ||||||||||||||||||||||||
Swap agreements | — | 26,479 | — | — | — | — | ||||||||||||||||||||||||
Variation margin on futures contracts | — | — | 3,187 | — | — | — | ||||||||||||||||||||||||
Variation margin on swap contracts | — | — | — | 69,810 | — | — | ||||||||||||||||||||||||
Due to brokers | — | 790,000 | — | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 12,270 | 165,340 | 52,154 | 39,263 | 7,280 | 81,151 | ||||||||||||||||||||||||
Accrued administration fees | 4,601 | 62,003 | 19,558 | 7,699 | 1,820 | 22,132 | ||||||||||||||||||||||||
Accrued support service expenses | 1,635 | 21,658 | 6,758 | 2,923 | 699 | 7,789 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 5,911 | 51,676 | 6,601 | 27,962 | 192 | 3,536 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 2,611 | 32,340 | 10,318 | 4,086 | 988 | 11,396 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,790 | 16,344 | 2,641 | 140 | 2,348 | 4,502 | ||||||||||||||||||||||||
Accrued foreign capital gains tax | — | — | — | 1,101 | — | — | ||||||||||||||||||||||||
Accrued other | 8,186 | 66,034 | 23,621 | 17,127 | 5,018 | 19,581 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | 32,076 | 1,144,602 | — | 339,325 | — | — | ||||||||||||||||||||||||
Outstanding options written, at value | 26,407 | 210,917 | — | — | — | — | ||||||||||||||||||||||||
Swap premiums received | 3,092 | 115,320 | — | — | — | — | ||||||||||||||||||||||||
Swap agreements depreciation | 2,526 | — | — | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 39,519,279 | 432,734,432 | 3,567,117 | 744,242 | 208,635 | 348,713 | ||||||||||||||||||||||||
NET ASSETS | $36,880,425 | $499,015,770 | $158,210,805 | $61,930,447 | $13,866,267 | $175,775,231 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $45,045,358 | $480,279,840 | $155,658,301 | $70,164,688 | $10,643,800 | $78,450,924 | ||||||||||||||||||||||||
Undistributed/accumulated earnings (deficit) | (8,164,933 | ) | 18,735,930 | 2,552,504 | (8,234,241 | ) | 3,222,467 | 97,324,307 | ||||||||||||||||||||||
NET ASSETS | $36,880,425 | $499,015,770 | $158,210,805 | $61,930,447 | $13,866,267 | $175,775,231 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,018,997 | 44,621,933 | 15,586,903 | 6,686,097 | 777,829 | 5,993,492 | ||||||||||||||||||||||||
Net Asset Value Per Share | $9.18 | $11.18 | $10.15 | $9.26 | $17.83 | $29.33 | ||||||||||||||||||||||||
Investments and repurchase agreements, at cost (excluding derivatives) | $54,609,182 | $676,442,009 | $157,590,416 | $62,419,925 | $11,975,469 | $83,802,529 | ||||||||||||||||||||||||
Outstanding purchased options, at cost | 16,537 | 112,847 | — | — | — | — | ||||||||||||||||||||||||
Foreign currency held, at cost | 34,516 | 2,054,878 | 3,529 | 170,267 | — | — | ||||||||||||||||||||||||
Proceeds from securities sold short | — | 7,631,578 | — | — | — | — | ||||||||||||||||||||||||
Premiums received from outstanding options written | 84,544 | 241,904 | — | — | — | — |
See Notes to Financial Statements
B-1
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2019 (Unaudited)
PF Large-Cap Value Fund | PF Mid-Cap Equity Fund | PF Multi-Asset Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $165,240,235 | $10,312,078 | $1,045,208,042 | $66,170,923 | $77,803,288 | $55,030,603 | ||||||||||||||||||||||||
Cash | — | — | 865,200 | 760,740 | 212,343 | 520 | ||||||||||||||||||||||||
Foreign currency held, at value | — | — | — | — | 78,496 | 12,951 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 278,230 | 10,621 | 5,114,727 | 80,647 | 86,173 | 523,779 | ||||||||||||||||||||||||
Securities sold | — | — | 909,783 | 177,150 | 170,822 | 66,048 | ||||||||||||||||||||||||
Due from adviser | 9,573 | 1,769 | 44,912 | 4,832 | 26,370 | 12,061 | ||||||||||||||||||||||||
Swap agreements appreciation | — | — | 43,917,552 | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 1,547 | — | 2,873 | — | 1,177 | 215 | ||||||||||||||||||||||||
Total Assets | 165,529,585 | 10,324,468 | 1,096,063,089 | 67,194,292 | 78,378,669 | 55,646,177 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 82,692 | — | 672,943 | 54,491 | 53,000 | 30,378 | ||||||||||||||||||||||||
Securities purchased | — | — | 1,538,398 | 178,339 | 8,569 | 25,031 | ||||||||||||||||||||||||
Variation margin on futures contracts | — | — | 125,470 | — | — | — | ||||||||||||||||||||||||
Due to brokers | — | — | 770,000 | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 88,316 | 5,487 | 313,364 | 41,218 | 52,003 | 38,829 | ||||||||||||||||||||||||
Accrued administration fees | 20,381 | 1,266 | 134,299 | 8,244 | 9,751 | 6,852 | ||||||||||||||||||||||||
Accrued support service expenses | 7,162 | 424 | 46,462 | 2,864 | 3,517 | 2,438 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 3,740 | 1,852 | 21,970 | 1,616 | 109,110 | 42,445 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 11,295 | 719 | 67,795 | 4,388 | 6,637 | 3,864 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 8,686 | 1,329 | 2,422 | 1,151 | 1,978 | 4,217 | ||||||||||||||||||||||||
Accrued foreign capital gains tax | — | — | — | — | 61,280 | 1,128 | ||||||||||||||||||||||||
Accrued other (1) | 17,923 | 4,528 | 81,051 | 10,295 | 23,119 | 18,205 | ||||||||||||||||||||||||
Swap agreements depreciation | — | — | 6,539,459 | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 240,195 | 15,605 | 10,313,633 | 302,606 | 328,964 | 173,387 | ||||||||||||||||||||||||
NET ASSETS | $165,289,390 | $10,308,863 | $1,085,749,456 | $66,891,686 | $78,049,705 | $55,472,790 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $79,664,321 | $9,442,974 | $1,023,542,762 | $58,314,493 | $33,884,019 | $30,755,281 | ||||||||||||||||||||||||
Undistributed/accumulated earnings (deficit) | 85,625,069 | 865,889 | 62,206,694 | 8,577,193 | 44,165,686 | 24,717,509 | ||||||||||||||||||||||||
NET ASSETS | $165,289,390 | $10,308,863 | $1,085,749,456 | $66,891,686 | $78,049,705 | $55,472,790 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 12,987,413 | 880,013 | 105,168,741 | 7,993,818 | 5,321,278 | 4,526,558 | ||||||||||||||||||||||||
Net Asset Value Per Share | $12.73 | $11.71 | $10.32 | $8.37 | $14.67 | $12.25 | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $89,598,174 | $9,179,856 | $1,035,176,099 | $61,279,670 | $48,900,971 | $34,911,336 | ||||||||||||||||||||||||
Foreign currency held, at cost | — | — | — | — | 78,834 | 13,008 |
(1) | Accrued other for the PF Mid-Cap Equity Fund includes $2,425 of accrued accounting fees. |
See Notes to Financial Statements
B-2
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2019 (Unaudited)
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Investments, at value (excluding derivatives) | $27,106,513 | $59,286,849 | $77,053,461 | $62,719,249 | ||||||||||||||||||
Cash | — | — | 3,787 | — | ||||||||||||||||||
Cash (segregated for derivative instruments) | — | — | — | 350,000 | ||||||||||||||||||
Foreign currency held, at value | 43,189 | 118,822 | — | 2,925 | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||
Dividends and interest | 250,096 | 618,932 | 215,063 | 219,669 | ||||||||||||||||||
Securities sold | — | 324,046 | 649,683 | — | ||||||||||||||||||
Due from adviser | 6,653 | 12,073 | 4,839 | — | ||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | 4,326,314 | ||||||||||||||||||
Accrued foreign capital gain tax | — | 157 | — | — | ||||||||||||||||||
Prepaid expenses and other assets | — | 680 | 53 | — | ||||||||||||||||||
Total Assets | 27,406,451 | 60,361,559 | 77,926,886 | 67,618,157 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Payables: | ||||||||||||||||||||||
Fund shares redeemed | 17,319 | 34,720 | 73,043 | 27,708 | ||||||||||||||||||
Securities purchased | — | 394,817 | 56,319 | — | ||||||||||||||||||
Due to custodian | — | — | — | 14,028 | ||||||||||||||||||
Accrued advisory fees | 19,132 | 31,931 | 47,660 | 33,670 | ||||||||||||||||||
Accrued administration fees | 3,376 | 7,369 | 9,532 | 7,770 | ||||||||||||||||||
Accrued support service expenses | 1,219 | 2,624 | 3,371 | 3,011 | ||||||||||||||||||
Accrued custodian fees and expenses | 41,022 | 51,255 | 670 | 4,192 | ||||||||||||||||||
Accrued legal, audit and tax service fees | 2,207 | 4,232 | 4,773 | 4,052 | ||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 125 | 5,251 | 716 | 1,290 | ||||||||||||||||||
Accrued other (1) | 14,687 | 13,656 | 8,117 | 6,183 | ||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | 5,094,387 | ||||||||||||||||||
Total Liabilities | 99,087 | 545,855 | 204,201 | 5,196,291 | ||||||||||||||||||
NET ASSETS | $27,307,364 | $59,815,704 | $77,722,685 | $62,421,866 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||
Paid-in capital | $32,429,863 | $62,806,547 | $58,052,952 | $63,096,644 | ||||||||||||||||||
Undistributed/accumulated earnings (deficit) | (5,122,499 | ) | (2,990,843 | ) | 19,669,733 | (674,778 | ) | |||||||||||||||
NET ASSETS | $27,307,364 | $59,815,704 | $77,722,685 | $62,421,866 | ||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 2,885,409 | 8,030,753 | 5,703,192 | 6,734,130 | ||||||||||||||||||
Net Asset Value Per Share | $9.46 | $7.45 | $13.63 | $9.27 | ||||||||||||||||||
Investments, at cost (excluding derivatives) | $26,292,244 | $62,307,770 | $58,760,180 | $62,993,851 | ||||||||||||||||||
Foreign currency held, at cost | 43,357 | 118,921 | — | 2,964 |
(1) | Accrued other for the PF International Small-Cap Fund includes $12,684 of accrued accounting fees. |
See Notes to Financial Statements
B-3
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Developing Growth Fund | PF Growth Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $3,523 | $11,438 | $13,648 | $22,632 | $9,336 | $609,793 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 1,019,825 | 9,372,518 | 2,398,445 | 2,131,230 | — | 2,152 | ||||||||||||||||||||||||
Total Investment Income | 1,023,348 | 9,383,956 | 2,412,093 | 2,153,862 | 9,336 | 611,945 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 78,320 | 1,008,173 | 315,190 | 265,329 | 47,464 | 506,326 | ||||||||||||||||||||||||
Administration fees | 29,370 | 378,065 | 118,196 | 50,700 | 11,866 | 138,089 | ||||||||||||||||||||||||
Support services expenses | 3,400 | 42,941 | 13,423 | 6,001 | 1,366 | 15,644 | ||||||||||||||||||||||||
Custodian fees and expenses | 4,389 | 31,944 | 3,570 | 17,655 | 159 | 2,431 | ||||||||||||||||||||||||
Shareholder report expenses | 1,890 | 23,875 | 7,463 | 3,337 | 760 | 8,697 | ||||||||||||||||||||||||
Transfer agencyout-of-pocket expenses | 1,471 | 18,584 | 5,810 | 2,597 | 591 | 6,771 | ||||||||||||||||||||||||
Registration fees | 21 | 245 | 77 | 36 | 8 | 91 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 2,609 | 33,282 | 10,405 | 4,615 | 1,062 | 12,082 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 1,015 | 12,797 | 4,000 | 1,701 | 407 | 4,665 | ||||||||||||||||||||||||
Interest expense | 120,360 | 342,842 | — | — | — | — | ||||||||||||||||||||||||
Other (1) | 7,358 | 61,296 | 23,275 | 18,399 | 5,776 | 11,013 | ||||||||||||||||||||||||
Total Expenses | 250,203 | 1,954,044 | 501,409 | 370,370 | 69,459 | 705,809 | ||||||||||||||||||||||||
Advisory Fee Waiver | — | — | — | (6,760 | ) | — | — | |||||||||||||||||||||||
Adviser Expense Reimbursement | (22,153 | ) | (224,965 | ) | (68,023 | ) | (54,341 | ) | (10,130 | ) | (61,394 | ) | ||||||||||||||||||
Net Expenses | 228,050 | 1,729,079 | 433,386 | 309,269 | 59,329 | 644,415 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 795,298 | 7,654,877 | 1,978,707 | 1,844,593 | (49,993 | ) | (32,470 | ) | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions, net of foreign capital gains tax withheld | 434,404 | 5,739,680 | 248,855 | 644,409 | 1,688,214 | 3,036,019 | ||||||||||||||||||||||||
Closed short positions | — | (53,233 | ) | — | — | — | — | |||||||||||||||||||||||
Foreign currency transactions | (71,035 | ) | 197,012 | (51 | ) | (601,429 | ) | — | (25 | ) | ||||||||||||||||||||
Forward foreign currency contract transactions | 353,959 | 1,782,863 | 1,839 | (302,766 | ) | — | — | |||||||||||||||||||||||
Futures contract transactions | (495,407 | ) | 3,984,595 | 198,137 | — | — | — | |||||||||||||||||||||||
Purchased option transactions | 158,035 | (441,634 | ) | — | — | — | — | |||||||||||||||||||||||
Swap transactions | (122,085 | ) | 1,670,531 | — | 14,513 | — | — | |||||||||||||||||||||||
Written option transactions | (133,882 | ) | 696,807 | — | — | — | — | |||||||||||||||||||||||
Net Realized Gain (Loss) | 123,989 | 13,576,621 | 448,780 | (245,273 | ) | 1,688,214 | 3,035,994 | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities, net of deferred foreign capital gains tax | 680,706 | 12,237,838 | 1,095,348 | (675,148 | ) | (2,022,481 | ) | 11,176,387 | ||||||||||||||||||||||
Short positions | — | (5,343 | ) | — | — | — | — | |||||||||||||||||||||||
Foreign currencies | (8,456 | ) | (21,160 | ) | (49 | ) | (3,434 | ) | — | (78 | ) | |||||||||||||||||||
Forward foreign currency contracts | (40,037 | ) | (700,821 | ) | (1,839 | ) | (31,163 | ) | — | — | ||||||||||||||||||||
Futures contracts | 139,038 | (515,749 | ) | (139,028 | ) | — | — | — | ||||||||||||||||||||||
Purchased options | (35,894 | ) | (15,895 | ) | — | — | — | — | ||||||||||||||||||||||
Swaps | (81,190 | ) | (3,538,007 | ) | — | (29,505 | ) | — | — | |||||||||||||||||||||
Written options | 39,287 | 55,336 | — | — | — | — | ||||||||||||||||||||||||
Unfunded loan commitments | — | 3 | — | — | — | — | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 693,454 | 7,496,202 | 954,432 | (739,250 | ) | (2,022,481 | ) | 11,176,309 | ||||||||||||||||||||||
NET GAIN (LOSS) | 817,443 | 21,072,823 | 1,403,212 | (984,523 | ) | (334,267 | ) | 14,212,303 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1,612,741 | $28,727,700 | $3,381,919 | $860,070 | ($384,260 | ) | $14,179,833 | |||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $10,191 | $181 | $27,054 | $— | $1,822 | ||||||||||||||||||||||||
Foreign capital gains tax withheld | — | — | — | 15,727 | — | — | ||||||||||||||||||||||||
Change in deferred foreign capital gains tax | — | — | — | (1,142 | ) | — | — |
(1) | Other expense for the PF Developing Growth Fund includes $4,395 of accounting fees. |
See Notes to Financial Statements
B-4
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
PF Large-Cap Value Fund | PF Mid-Cap Equity Fund | PF Multi-Asset Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $2,005,756 | $72,849 | $110,447 | $557,378 | $1,232,670 | $957,474 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | 15,844,726 | — | — | 353 | ||||||||||||||||||||||||
Total Investment Income | 2,005,756 | 72,849 | 15,955,173 | 557,378 | 1,232,670 | 957,827 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 551,228 | 32,983 | 1,940,693 | 257,718 | 406,883 | 243,160 | ||||||||||||||||||||||||
Administration fees | 127,207 | 7,611 | 831,725 | 51,544 | 76,290 | 42,910 | ||||||||||||||||||||||||
Support services expenses | 14,449 | 838 | 94,647 | 5,819 | 9,180 | 4,902 | ||||||||||||||||||||||||
Custodian fees and expenses | 2,496 | 578 | 15,461 | 1,020 | 82,911 | 29,229 | ||||||||||||||||||||||||
Shareholder report expenses | 8,034 | 467 | 52,622 | 3,236 | 5,103 | 2,726 | ||||||||||||||||||||||||
Transfer agencyout-of-pocket expenses | 6,254 | 362 | 40,963 | 2,519 | 3,973 | 2,122 | ||||||||||||||||||||||||
Registration fees | 85 | 5 | 553 | 35 | 66 | 29 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 11,156 | 651 | 72,877 | 4,483 | 6,694 | 3,785 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 4,310 | 250 | 26,829 | 1,736 | 2,766 | 1,462 | ||||||||||||||||||||||||
Other (1) | 8,981 | 4,891 | 27,068 | 7,852 | 36,511 | 24,757 | ||||||||||||||||||||||||
Total Expenses | 734,200 | 48,636 | 3,103,438 | 335,962 | 630,377 | 355,082 | ||||||||||||||||||||||||
Adviser Expense Reimbursement | (55,765 | ) | (8,042 | ) | (275,571 | ) | (26,700 | ) | (147,203 | ) | (69,012 | ) | ||||||||||||||||||
Net Expenses | 678,435 | 40,594 | 2,827,867 | 309,262 | 483,174 | 286,070 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,327,321 | 32,255 | 13,127,306 | 248,116 | 749,496 | 671,757 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions, net of foreign capital gains tax withheld | 5,108,568 | (231,637 | ) | 1,355,060 | 3,300,737 | 15,183,933 | 165,608 | |||||||||||||||||||||||
Foreign currency transactions | — | — | — | — | (112,351 | ) | (7,900 | ) | ||||||||||||||||||||||
Futures contract transactions | — | — | 1,000,069 | — | — | — | ||||||||||||||||||||||||
Swap transactions | — | — | (5,641,495 | ) | — | — | — | |||||||||||||||||||||||
Net Realized Gain (Loss) | 5,108,568 | (231,637 | ) | (3,286,366 | ) | 3,300,737 | 15,071,582 | 157,708 | ||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities, net of deferred foreign capital | 4,391,545 | 579,155 | 4,872,301 | (2,246,943 | ) | (16,565,838 | ) | 2,211,253 | ||||||||||||||||||||||
Foreign currencies | — | 4 | — | — | 6,560 | 1,034 | ||||||||||||||||||||||||
Futures contracts | — | — | 126,605 | — | — | — | ||||||||||||||||||||||||
Swaps | — | — | 41,922,926 | — | — | — | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 4,391,545 | 579,159 | 46,921,832 | (2,246,943 | ) | (16,559,278 | ) | 2,212,287 | ||||||||||||||||||||||
NET GAIN (LOSS) | 9,500,113 | 347,522 | 43,635,466 | 1,053,794 | (1,487,696 | ) | 2,369,995 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $10,827,434 | $379,777 | $56,762,772 | $1,301,910 | ($738,200 | ) | $3,041,752 | |||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $25,383 | $96 | $29 | $2,998 | $137,671 | $151,893 | ||||||||||||||||||||||||
Foreign capital gains tax withheld | — | — | — | — | 64,375 | 55,949 | ||||||||||||||||||||||||
Change in deferred foreign capital gains tax | — | — | — | — | (178,762 | ) | (125,777 | ) |
(1) | Other expense for the PFMid-Cap Equity Fund includes $3,689 of accounting fees. |
See Notes to Financial Statements
B-5
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | |||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $568,481 | $1,751,193 | $1,060,328 | $177,568 | ||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | — | 357,675 | ||||||||||||||||||
Total Investment Income | 568,481 | 1,751,193 | 1,060,328 | 535,243 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||
Advisory fees | 124,808 | 201,861 | 354,327 | 184,523 | ||||||||||||||||||
Administration fees | 22,025 | 46,583 | 59,055 | 42,582 | ||||||||||||||||||
Support services expenses | 2,605 | 5,416 | 6,822 | 4,942 | ||||||||||||||||||
Custodian fees and expenses | 25,319 | 29,556 | 542 | 3,079 | ||||||||||||||||||
Shareholder report expenses | 1,448 | 3,011 | 3,793 | 2,747 | ||||||||||||||||||
Transfer agencyout-of-pocket expenses | 1,127 | 2,344 | 2,953 | 2,138 | ||||||||||||||||||
Registration fees | 16 | 33 | 41 | 23 | ||||||||||||||||||
Legal, audit and tax service fees | 1,992 | 4,158 | 5,256 | 4,030 | ||||||||||||||||||
Trustees’ fees and expenses | 738 | 1,617 | 2,035 | 1,403 | ||||||||||||||||||
Other (1) | 19,924 | 25,247 | 5,334 | 2,315 | ||||||||||||||||||
Total Expenses | 200,002 | 319,826 | 440,158 | 247,782 | ||||||||||||||||||
Advisory Fee Waiver | — | — | (59,055 | ) | — | |||||||||||||||||
Adviser Expense Reimbursement | (38,485 | ) | (71,381 | ) | (26,776 | ) | — | |||||||||||||||
Net Expenses | 161,517 | 248,445 | 354,327 | 247,782 | ||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 406,964 | 1,502,748 | 706,001 | 287,461 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||
Investment security transactions, net of foreign capital gains tax withheld | (239,424 | ) | 746,085 | 788,481 | 4,315 | |||||||||||||||||
Foreign currency transactions | (3,986 | ) | 1,318 | — | (407,335 | ) | ||||||||||||||||
Forward foreign currency contract transactions | — | — | — | 897,685 | ||||||||||||||||||
Net Realized Gain (Loss) | (243,410 | ) | 747,403 | 788,481 | 494,665 | |||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||
Investment securities, net of deferred foreign capital gains tax | (544,510 | ) | (2,777,508 | ) | 6,786,321 | 34,592 | ||||||||||||||||
Foreign currencies | (1,818 | ) | (5,918 | ) | — | (1,000 | ) | |||||||||||||||
Forward foreign currency contracts | — | — | — | (1,025,818 | ) | |||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (546,328 | ) | (2,783,426 | ) | 6,786,321 | (992,226 | ) | |||||||||||||||
NET GAIN (LOSS) | (789,738 | ) | (2,036,023 | ) | 7,574,802 | (497,561 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ($382,774 | ) | ($533,275 | ) | $8,280,803 | ($210,100 | ) | |||||||||||||||
Foreign taxes withheld on dividends and interest | $81,126 | $192,979 | $— | $654 | ||||||||||||||||||
Change in deferred foreign capital gain tax | — | (801 | ) | — | — |
(1) | Other expense for the PF International Small-Cap Fund includes $15,881 of accounting fees. |
See Notes to Financial Statements
B-6
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $795,298 | $1,247,551 | $7,654,877 | $15,817,298 | $1,978,707 | $3,249,065 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 123,989 | (495,056 | ) | 13,576,621 | (9,185,832 | ) | 448,780 | 364,899 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 693,454 | 488,741 | 7,496,202 | 7,631,064 | 954,432 | 1,401,355 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 1,612,741 | 1,241,236 | 28,727,700 | 14,262,530 | 3,381,919 | 5,015,319 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
| |||||||||||||||||||||||||||||||||||||
Total distributable earnings - Class P | — | (2,002,797 | ) | — | (15,588,848 | ) | — | (2,654,646 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (2,002,797 | ) | — | (15,588,848 | ) | — | (2,654,646 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 183,294 | 2,259,623 | 31,646,819 | 65,397,455 | 13,544,613 | 127,240,312 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 2,002,797 | — | 15,588,848 | — | 2,654,646 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (5,865,000 | ) | (38,323,765 | ) | (58,717,411 | ) | (180,977,802 | ) | (14,073,355 | ) | (89,166,761 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (5,681,706 | ) | (34,061,345 | ) | (27,070,592 | ) | (99,991,499 | ) | (528,742 | ) | 40,728,197 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (4,068,965 | ) | (34,822,906 | ) | 1,657,108 | (101,317,817 | ) | 2,853,177 | 43,088,870 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 40,949,390 | 75,772,296 | 497,358,662 | 598,676,479 | 155,357,628 | 112,268,758 | ||||||||||||||||||||||||||||||||
End of Year or Period | $36,880,425 | $40,949,390 | $499,015,770 | $497,358,662 | $158,210,805 | $155,357,628 | ||||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | PF Developing Growth Fund | PF Growth Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,844,593 | $4,389,534 | ($49,993 | ) | ($65,948 | ) | ($32,470 | ) | $13,415 | |||||||||||||||||||||||||||||
Net realized gain (loss) | (245,273 | ) | (3,589,948 | ) | 1,688,214 | 920,420 | 3,035,994 | 6,959,823 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (739,250 | ) | (1,576,741 | ) | (2,022,481 | ) | 1,206,745 | 11,176,309 | 19,702,601 | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 860,070 | (777,155 | ) | (384,260 | ) | 2,061,217 | 14,179,833 | 26,675,839 | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
| |||||||||||||||||||||||||||||||||||||
Total distributable earnings - Class P | — | (1,235,277 | ) | — | (95,677 | ) | — | (10,767,593 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,235,277 | ) | — | (95,677 | ) | — | (10,767,593 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 1,140,441 | 18,582,694 | 53,843 | 8,879,889 | 574,759 | 43,746,338 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,235,277 | — | 95,677 | — | 10,767,593 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (11,668,790 | ) | (31,964,603 | ) | (1,490,310 | ) | (4,717,570 | ) | (25,310,258 | ) | (90,823,136 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (10,528,349 | ) | (12,146,632 | ) | (1,436,467 | ) | 4,257,996 | (24,735,499 | ) | (36,309,205 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (9,668,279 | ) | (14,159,064 | ) | (1,820,727 | ) | 6,223,536 | (10,555,666 | ) | (20,400,959 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 71,598,726 | 85,757,790 | 15,686,994 | 9,463,458 | 186,330,897 | 206,731,856 | ||||||||||||||||||||||||||||||||
End of Year or Period | $61,930,447 | $71,598,726 | $13,866,267 | $15,686,994 | $175,775,231 | $186,330,897 |
(1) | Unaudited. |
See Notes to Financial Statements
B-7
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
PFLarge-Cap Value Fund | PFMid-Cap Equity Fund | PF Multi-Asset Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,327,321 | $2,903,553 | $32,255 | $78,309 | $13,127,306 | $24,578,789 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 5,108,568 | 12,044,515 | (231,637 | ) | 9,353,760 | (3,286,366 | ) | (2,528,979 | ) | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 4,391,545 | (6,152,759 | ) | 579,159 | (7,615,837 | ) | 46,921,832 | 17,447,805 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 10,827,434 | 8,795,309 | 379,777 | 1,816,232 | 56,762,772 | 39,497,615 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings - Class P | — | (65,461,743 | ) | — | (19,252 | ) | — | (15,433,139 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (65,461,743 | ) | — | (19,252 | ) | — | (15,433,139 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 571,124 | 96,163,101 | — | 10,035,915 | 3,541,114 | 601,760,853 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 65,461,743 | — | 19,252 | — | 15,433,139 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (17,155,086 | ) | (88,855,637 | ) | — | (33,232,671 | ) | (110,968,622 | ) | (238,144,754 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (16,583,962 | ) | 72,769,207 | — | (23,177,504 | ) | (107,427,508 | ) | 379,049,238 | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (5,756,528 | ) | 16,102,773 | 379,777 | (21,380,524 | ) | (50,664,736 | ) | 403,113,714 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 171,045,918 | 154,943,145 | 9,929,086 | 31,309,610 | 1,136,414,192 | 733,300,478 | ||||||||||||||||||||||||||||||||
End of Year or Period | $165,289,390 | $171,045,918 | $10,308,863 | $9,929,086 | $1,085,749,456 | $1,136,414,192 | ||||||||||||||||||||||||||||||||
PFSmall-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $248,116 | $268,454 | $749,496 | $1,218,468 | $671,757 | $1,555,077 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 3,300,737 | 8,893,312 | 15,071,582 | 10,877,865 | 157,708 | 36,177,793 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (2,246,943 | ) | (11,477,373 | ) | (16,559,278 | ) | (19,711,594 | ) | 2,212,287 | (36,938,400 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 1,301,910 | (2,315,607 | ) | (738,200 | ) | (7,615,261 | ) | 3,041,752 | 794,470 | |||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Total distributable earnings - Class P | — | (16,428,676 | ) | — | (15,394,527 | ) | — | (24,018,845 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (16,428,676 | ) | — | (15,394,527 | ) | — | (24,018,845 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 386,512 | 16,035,351 | 457,896 | 39,212,019 | 189,775 | 24,020,771 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 16,428,676 | — | 15,394,527 | — | 24,018,845 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (5,414,282 | ) | (24,616,740 | ) | (55,556,775 | ) | (76,101,427 | ) | (5,910,897 | ) | (92,047,573 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (5,027,770 | ) | 7,847,287 | (55,098,879 | ) | (21,494,881 | ) | (5,721,122 | ) | (44,007,957 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (3,725,860 | ) | (10,896,996 | ) | (55,837,079 | ) | (44,504,669 | ) | (2,679,370 | ) | (67,232,332 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 70,617,546 | 81,514,542 | 133,886,784 | 178,391,453 | 58,152,160 | 125,384,492 | ||||||||||||||||||||||||||||||||
End of Year or Period | $66,891,686 | $70,617,546 | $78,049,705 | $133,886,784 | $55,472,790 | $58,152,160 |
(1) | Unaudited. |
See Notes to Financial Statements
B-8
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | Six-Month Period Ended September 30, 2019(1) | Year Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $406,964 | $1,197,488 | $1,502,748 | $2,517,011 | $706,001 | $1,059,830 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (243,410 | ) | (6,811,636 | ) | 747,403 | 5,364,607 | 788,481 | 4,602,459 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (546,328 | ) | (6,345,071 | ) | (2,783,426 | ) | (16,069,439 | ) | 6,786,321 | 1,960,973 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (382,774 | ) | (11,959,219 | ) | (533,275 | ) | (8,187,821 | ) | 8,280,803 | 7,623,262 | ||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
| |||||||||||||||||||||||||||||||||||||
Total distributable earnings - Class P | — | (1,873,319 | ) | — | (13,896,218 | ) | — | (6,470,668 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,873,319 | ) | — | (13,896,218 | ) | — | (6,470,668 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 206,697 | 13,122,384 | 342,608 | 23,359,226 | 253,340 | 51,075,260 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,873,319 | — | 13,896,218 | — | 6,470,668 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (4,450,227 | ) | (59,045,777 | ) | (4,949,958 | ) | (93,840,625 | ) | (12,524,081 | ) | (18,505,117 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (4,243,530 | ) | (44,050,074 | ) | (4,607,350 | ) | (56,585,181 | ) | (12,270,741 | ) | 39,040,811 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (4,626,304 | ) | (57,882,612 | ) | (5,140,625 | ) | (78,669,220 | ) | (3,989,938 | ) | 40,193,405 | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 31,933,668 | 89,816,280 | 64,956,329 | 143,625,549 | 81,712,623 | 41,519,218 | ||||||||||||||||||||||||||||||||
End of Year or Period | $27,307,364 | $31,933,668 | $59,815,704 | $64,956,329 | $77,722,685 | $81,712,623 | ||||||||||||||||||||||||||||||||
PF Currency Strategies Fund | ||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $287,461 | $432,920 | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | 494,665 | 964,325 | ||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (992,226 | ) | (884,904 | ) | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (210,100 | ) | 512,341 | |||||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
| |||||||||||||||||||||||||||||||||||||
Total distributable earnings - Class P | — | — | ||||||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | — | ||||||||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 33,853,019 | 9,333,517 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | — | ||||||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (15,758,208 | ) | (27,863,804 | ) | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 18,094,811 | (18,530,287 | ) | |||||||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 17,884,711 | (18,017,946 | ) | |||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 44,537,155 | 62,555,101 | ||||||||||||||||||||||||||||||||||||
End of Year or Period | $62,421,866 | $44,537,155 |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
Table of Contents
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2019 (Unaudited)
PF Inflation Managed Fund | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES(2): | ||||||||||
Net increase (decrease) in net assets from operations | $1,612,741 | |||||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | ||||||||||
Purchases of long-term securities | (58,935,896 | ) | ||||||||
Proceeds from disposition of long-term securities | 61,629,123 | |||||||||
Proceeds (purchases) of short-term securities, net | 91,328 | |||||||||
Proceeds (purchases) from foreign currency transactions | (8,456 | ) | ||||||||
(Increase) decrease in dividends and interest receivable | 35,922 | |||||||||
(Increase) decrease in receivable for securities sold | (2,917,215 | ) | ||||||||
(Increase) decrease in receivable for swap agreements | (2,041 | ) | ||||||||
(Increase) decrease in receivable due from adviser | 1,396 | |||||||||
(Increase) decrease in prepaid expenses and other assets | 174 | |||||||||
(Increase) decrease in variation margin on futures contracts | (36,962 | ) | ||||||||
(Increase) decrease in variation margin on swap agreements | (37,038 | ) | ||||||||
Increase (decrease) in swap premiums | 840 | |||||||||
Increase (decrease) in payable for securities purchased | 14,949,966 | |||||||||
Increase (decrease) in payable for due to custodian | 7,797 | |||||||||
Increase (decrease) in payable for swap agreements | (2,503 | ) | ||||||||
Increase (decrease) in accrued advisory fees | (5,140 | ) | ||||||||
Increase (decrease) in accrued administration fees | (1,928 | ) | ||||||||
Increase (decrease) in accrued support services expenses | (1,154 | ) | ||||||||
Increase (decrease) in accrued custodian fees and expenses | (493 | ) | ||||||||
Increase (decrease) in accrued legal, audit and tax service fees | (4,330 | ) | ||||||||
Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation | 71 | |||||||||
Increase (decrease) in accrued other payable | (5,795 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on investment securities | (680,706 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on foreign currencies | 8,456 | |||||||||
Change in net unrealized (appreciation) depreciation on forward foreign currency contract | 40,037 | |||||||||
Change in net unrealized (appreciation) depreciation on purchased options | 35,894 | |||||||||
Change in net unrealized (appreciation) depreciation on swaps (3) | (1,580 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on written options | (39,287 | ) | ||||||||
Net realized (gain) loss on investment security transactions | (434,404 | ) | ||||||||
Net realized (gain) loss on foreign currency | 40,965 | |||||||||
Net realized (gain) loss on purchased options transactions | (158,035 | ) | ||||||||
Net realized (gain) loss on written option transactions | 133,882 | |||||||||
Net amortization on investments | 97,086 | |||||||||
Net cash provided by (used in) operating activities | 15,412,715 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from shares sold | 183,294 | |||||||||
Payment of shares redeemed | (5,861,652 | ) | ||||||||
Proceeds from sale-buyback financing transactions | 409,803,984 | |||||||||
Payment on sale-buyback financing transactions | (419,651,306 | ) | ||||||||
Net cash provided by (used in) financing activities | (15,525,680 | ) | ||||||||
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY | (112,965 | ) | ||||||||
CASH AND FOREIGN CURRENCY: | ||||||||||
Beginning of Period | 576,175 | |||||||||
End of Period (4) | $463,210 |
(1) | Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amount included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, but does not include any short-term investments. The PF Inflation Managed Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria. |
(2) | Interest paid by the PF Inflation Managed Fund was $120,360. |
(3) | Excludes centrally cleared swaps included in variation margin. |
(4) | Includes cash (segregated for derivative instruments) of $429,000. |
See Notes to Financial Statements
B-10
Table of Contents
PACIFIC FUNDS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund | Selected Per Share Data | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $8.81 | $0.18 | $0.19 | $0.37 | $— | $— | $— | $9.18 | 1.28 | % | 1.16 | %(7) | 4.06 | % | 4.20 | % | $36,880 | 112 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 8.88 | 0.16 | 0.05 | 0.21 | (0.28 | ) | — | (0.28 | ) | 8.81 | 1.15 | % | 1.07 | % | 1.86 | % | 2.50 | % | 40,949 | 126 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 8.92 | 0.27 | (0.19 | ) | 0.08 | (0.12 | ) | — | (0.12 | ) | 8.88 | 1.06 | % | 0.94 | % | 3.08 | % | 0.87 | % | 75,772 | 108 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.73 | 0.29 | (0.10 | ) | 0.19 | — | — | — | 8.92 | 0.98 | % | 0.80 | % | 3.35 | % | 2.18 | % | 13,130 | 194 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 8.80 | 0.20 | (0.27 | ) | (0.07 | ) | — | — | — | 8.73 | 0.79 | % | 0.64 | % | 2.36 | % | (0.80 | %) | 52,190 | 89 | % | |||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 8.84 | 0.06 | 0.15 | 0.21 | (0.25 | ) | — | (0.25 | ) | 8.80 | 0.68 | % | 0.58 | % | 0.68 | % | 2.38 | % | 126,154 | 139 | % | |||||||||||||||||||||||||||||||||||
PF Managed Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $10.56 | $0.17 | $0.45 | $0.62 | $— | $— | $— | $11.18 | 0.77 | % | 0.69 | %(7) | 3.04 | % | 5.77 | % | $499,016 | 271 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.58 | 0.31 | 0.03 | 0.34 | (0.36 | ) | — | (0.36 | ) | 10.56 | 0.72 | % | 0.63 | % | 3.02 | % | 3.43 | % | 497,359 | 520 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.67 | 0.29 | 0.05 | 0.34 | (0.42 | ) | (0.01 | ) | (0.43 | ) | 10.58 | 0.64 | % | 0.57 | % | 2.63 | % | 3.29 | % | 598,676 | 364 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.57 | 0.26 | 0.10 | 0.36 | (0.15 | ) | (0.11 | ) | (0.26 | ) | 10.67 | 0.64 | % | 0.56 | % | 2.39 | % | 3.42 | % | 742,216 | 372 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.06 | 0.28 | (0.16 | ) | 0.12 | (0.25 | ) | (0.36 | ) | (0.61 | ) | 10.57 | 0.64 | % | 0.55 | % | 2.58 | % | 1.31 | % | 421,377 | 370 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.76 | 0.15 | 0.52 | 0.67 | (0.17 | ) | (0.20 | ) | (0.37 | ) | 11.06 | 0.63 | % | 0.55 | % | 1.37 | % | 6.32 | % | 643,882 | 578 | % | ||||||||||||||||||||||||||||||||||
PF Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $9.93 | $0.13 | $0.09 | $0.22 | $— | $— | $— | $10.15 | 0.64 | % | 0.55 | % | 2.51 | % | 2.22 | % | $158,211 | 44 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 9.79 | 0.23 | 0.07 | 0.30 | (0.16 | ) | — | (0.16 | ) | 9.93 | 0.64 | % | 0.55 | % | 2.34 | % | 3.05 | % | 155,358 | 164 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.88 | 0.15 | (0.09 | ) | 0.06 | (0.15 | ) | — | (0.15 | ) | 9.79 | 0.63 | % | 0.55 | % | 1.56 | % | 0.65 | % | 112,269 | 67 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.84 | 0.12 | 0.01 | 0.13 | (0.09 | ) | — | (0.09 | ) | 9.88 | 0.68 | % | 0.55 | % | 1.16 | % | 1.36 | % | 167,639 | 233 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.01 | 0.12 | (0.09 | ) | 0.03 | (0.20 | ) | — | (0.20 | ) | 9.84 | 0.65 | % | 0.55 | % | 1.18 | % | 0.35 | % | 75,899 | 98 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.05 | 0.11 | (0.02 | ) | 0.09 | (0.13 | ) | — | (0.13 | ) | 10.01 | 0.64 | % | 0.55 | % | 1.11 | % | 0.88 | % | 213,334 | 60 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $9.17 | $0.25 | ($0.16 | ) | $0.09 | $— | $— | $— | $9.26 | 1.10 | % | 0.92 | % | 5.46 | % | 0.98 | % | $61,930 | 30 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 9.37 | 0.47 | (0.54 | ) | (0.07 | ) | (0.13 | ) | — | (0.13 | ) | 9.17 | 1.09 | % | 0.93 | % | 5.37 | % | (0.61 | %) | 71,599 | 60 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.39 | 0.51 | 0.30 | 0.81 | (0.83 | ) | — | (0.83 | ) | 9.37 | 1.11 | % | 0.94 | % | 5.28 | % | 8.76 | % | 85,758 | 68 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.14 | 0.72 | 0.58 | 1.30 | (1.05 | ) | — | (1.05 | ) | 9.39 | 1.10 | % | 0.94 | % | 7.58 | % | 14.88 | % | 42,614 | 75 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 8.89 | 0.61 | (0.35 | ) | 0.26 | (0.01 | ) | — | (0.01 | ) | 9.14 | 1.07 | % | 0.94 | % | 6.91 | % | 2.93 | % | 108,161 | 80 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.69 | 0.50 | (0.95 | ) | (0.45 | ) | (0.35 | ) | — | (0.35 | ) | 8.89 | 1.08 | % | 0.94 | % | 5.20 | % | (4.73 | %) | 162,011 | 105 | %�� | |||||||||||||||||||||||||||||||||
PF Developing Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $18.43 | ($0.06 | ) | ($0.54 | ) | ($0.60 | ) | $— | $— | $— | $17.83 | 0.88 | % | 0.75 | % | (0.63 | %) | (3.20 | %) | $13,866 | 42 | % | ||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 14.84 | (0.09 | ) | 3.80 | 3.71 | — | (0.12 | ) | (0.12 | ) | 18.43 | 0.87 | % | 0.75 | % | (0.55 | %) | 25.05 | % | 15,687 | 127 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.50 | (0.06 | ) | 3.40 | 3.34 | — | — | — | 14.84 | 0.90 | % | 0.75 | % | (0.45 | %) | 29.04 | % | 9,463 | 86 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.80 | (0.04 | ) | 1.74 | 1.70 | — | — | — | 11.50 | 0.90 | % | 0.75 | % | (0.40 | %) | 17.35 | % | 8,805 | 123 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.80 | (0.07 | ) | (3.18 | ) | (3.25 | ) | — | (1.75 | ) | (1.75 | ) | 9.80 | 0.82 | % | 0.75 | % | (0.51 | %) | (23.59 | %) | 42,196 | 229 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.54 | (0.05 | ) | 1.20 | 1.15 | — | (1.89 | ) | (1.89 | ) | 14.80 | 0.82 | % | 0.75 | % | (0.35 | %) | 8.36 | % | 83,731 | 264 | % | ||||||||||||||||||||||||||||||||||
PF Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $27.18 | ($0.01 | ) | $2.16 | $2.15 | $— | $— | $— | $29.33 | 0.77 | % | 0.70 | % | (0.04 | %) | 7.91 | % | $175,775 | 5 | % | ||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 25.38 | 0.00 | (8) | 3.62 | 3.62 | (0.01 | ) | (1.81 | ) | (1.82 | ) | 27.18 | 0.77 | % | 0.70 | % | 0.01 | % | 14.99 | % | 186,331 | 28 | % | |||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 20.94 | 0.04 | 5.33 | 5.37 | (0.04 | ) | (0.89 | ) | (0.93 | ) | 25.38 | 0.76 | % | 0.70 | % | 0.16 | % | 25.93 | % | 206,732 | 34 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 18.82 | 0.02 | 2.61 | 2.63 | (0.02 | ) | (0.49 | ) | (0.51 | ) | 20.94 | 0.77 | % | 0.70 | % | 0.12 | % | 14.25 | % | 135,132 | 43 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 19.30 | 0.02 | 0.43 | 0.45 | (0.09 | ) | (0.84 | ) | (0.93 | ) | 18.82 | 0.76 | % | 0.70 | % | 0.11 | % | 2.17 | % | 122,698 | 35 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 17.33 | 0.05 | 2.19 | 2.24 | (0.13 | ) | (0.14 | ) | (0.27 | ) | 19.30 | 0.76 | % | 0.70 | % | 0.30 | % | 12.96 | % | 147,893 | 39 | % | ||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $11.95 | $0.10 | $0.68 | $0.78 | $— | $— | $— | $12.73 | 0.87 | % | 0.80 | % | 1.56 | % | 6.53 | % | $165,289 | 6 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 17.14 | 0.24 | 0.46 | 0.70 | (0.17 | ) | (5.72 | ) | (5.89 | ) | 11.95 | 0.86 | % | 0.80 | % | 1.55 | % | 5.49 | % | 171,046 | 43 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 16.60 | 0.22 | 0.79 | 1.01 | (0.23 | ) | (0.24 | ) | (0.47 | ) | 17.14 | 0.86 | % | 0.80 | % | 1.27 | % | 6.01 | % | 154,943 | 7 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.78 | 0.22 | 2.11 | 2.33 | (0.20 | ) | (0.31 | ) | (0.51 | ) | 16.60 | 0.86 | % | 0.80 | % | 1.40 | % | 15.88 | % | 433,551 | 21 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 16.46 | 0.23 | (0.43 | ) | (0.20 | ) | (0.22 | ) | (1.26 | ) | (1.48 | ) | 14.78 | 0.86 | % | 0.80 | % | 1.45 | % | (1.29 | %) | 299,971 | 10 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 16.71 | 0.23 | 1.36 | 1.59 | (0.38 | ) | (1.46 | ) | (1.84 | ) | 16.46 | 0.86 | % | 0.80 | % | 1.37 | % | 9.40 | % | 344,403 | 13 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-13 |
B-11
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS(Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund | Selected Per Share Data | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
PF Mid-Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $11.28 | $0.04 | $0.39 | $0.43 | $— | $— | $— | $11.71 | 0.96 | % | 0.80 | % | 0.64 | % | 3.81 | % | $10,309 | 19 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.73 | 0.06 | 0.51 | 0.57 | (0.02 | ) | — | (0.02 | ) | 11.28 | 0.93 | % | 0.80 | % | 0.56 | % | 5.37 | % | 9,929 | 119 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.00 | 0.05 | 1.75 | 1.80 | (0.04 | ) | (2.03 | ) | (2.07 | ) | 10.73 | 0.88 | % | 0.80 | % | 0.40 | % | 16.31 | % | 31,310 | 77 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.63 | 0.05 | 2.43 | 2.48 | (0.17 | ) | (1.94 | ) | (2.11 | ) | 11.00 | 0.89 | % | 0.80 | % | 0.45 | % | 24.02 | % | 66,011 | 101 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.15 | 0.15 | (0.59 | ) | (0.44 | ) | (0.12 | ) | (0.96 | ) | (1.08 | ) | 10.63 | 0.86 | % | 0.80 | % | 1.34 | % | (3.79 | %) | 169,595 | 184 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.84 | 0.05 | 0.80 | 0.85 | (0.03 | ) | (1.51 | ) | (1.54 | ) | 12.15 | 0.86 | % | 0.80 | % | 0.40 | % | 7.44 | % | 218,141 | 172 | % | ||||||||||||||||||||||||||||||||||
PF Multi-Asset Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $9.81 | $0.12 | $0.39 | $0.51 | $— | $— | $— | $10.32 | 0.56 | % | 0.51 | % | 2.37 | % | 5.20 | % | $1,085,749 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 9.42 | 0.21 | 0.31 | 0.52 | (0.13 | ) | — | (0.13 | ) | 9.81 | 0.56 | % | 0.51 | % | 2.21 | % | 5.72 | % | 1,136,414 | 75 | % | |||||||||||||||||||||||||||||||||||
1/31/2018 - 3/31/2018 | 10.00 | 0.03 | (0.61 | ) | (0.58 | ) | — | — | — | 9.42 | 0.59 | % | 0.51 | % | 1.68 | % | (5.80 | %) | 733,300 | 37 | % | |||||||||||||||||||||||||||||||||||
PF Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $8.21 | $0.03 | $0.13 | $0.16 | $— | $— | $— | $8.37 | 0.98 | % | 0.90 | % | 0.72 | % | 1.95 | % | $66,892 | 19 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.22 | 0.04 | (0.56 | ) | (0.52 | ) | (0.03 | ) | (2.46 | ) | (2.49 | ) | 8.21 | 0.97 | % | 0.90 | % | 0.35 | % | (4.23 | %) | 70,618 | 56 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.09 | 0.02 | 0.79 | 0.81 | (0.02 | ) | (1.66 | ) | (1.68 | ) | 11.22 | 0.97 | % | 0.90 | % | 0.17 | % | 6.54 | % | 81,515 | 30 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.14 | 0.01 | 2.44 | 2.45 | (0.07 | ) | (0.43 | ) | (0.50 | ) | 12.09 | 0.98 | % | 0.90 | % | 0.12 | % | 23.99 | % | 118,590 | 49 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.45 | 0.03 | (0.27 | ) | (0.24 | ) | (0.01 | ) | (0.06 | ) | (0.07 | ) | 10.14 | 0.96 | % | 0.90 | % | 0.33 | % | (2.29 | %) | 199,324 | 55 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.55 | 0.07 | 1.17 | 1.24 | (0.14 | ) | (4.20 | ) | (4.34 | ) | 10.45 | 0.96 | % | 0.90 | % | 0.55 | % | 11.55 | % | 145,801 | 140 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $14.71 | $0.11 | ($0.15 | ) | ($0.04 | ) | $— | $— | $— | $14.67 | 1.24 | % | 0.95 | % | 1.47 | % | (0.27 | %) | $78,050 | 12 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 17.30 | 0.13 | (0.95 | ) | (0.82 | ) | (0.09 | ) | (1.68 | ) | (1.77 | ) | 14.71 | 1.16 | % | 0.95 | % | 0.84 | % | (3.61 | %) | 133,887 | 46 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.81 | 0.10 | 3.49 | 3.59 | (0.10 | ) | — | (0.10 | ) | 17.30 | 1.20 | % | 0.95 | % | 0.63 | % | 25.93 | % | 178,391 | 34 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.09 | 0.08 | 1.71 | 1.79 | (0.07 | ) | — | (0.07 | ) | 13.81 | 1.20 | % | 0.95 | % | 0.64 | % | 14.83 | % | 200,620 | 69 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 13.58 | 0.10 | (1.47 | ) | (1.37 | ) | (0.12 | ) | — | (0.12 | ) | 12.09 | 1.23 | % | 0.95 | % | 0.84 | % | (10.09 | %) | 118,049 | 65 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.75 | 0.12 | (0.71 | ) | (0.59 | ) | (0.19 | ) | (0.39 | ) | (0.58 | ) | 13.58 | 1.23 | % | 0.95 | % | 0.81 | % | (4.15 | %) | 138,242 | 40 | % | ||||||||||||||||||||||||||||||||
PF International Large-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $11.63 | $0.14 | $0.48 | $0.62 | $— | $— | $— | $12.25 | 1.24 | % | 1.00 | % | 2.35 | % | 5.51 | % | $55,473 | 6 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 20.85 | 0.41 | (1.09 | ) | (0.68 | ) | (0.24 | ) | (8.30 | ) | (8.54 | ) | 11.63 | 1.19 | % | 1.00 | % | 2.32 | % | 0.62 | % | 58,152 | 41 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 18.19 | 0.26 | 2.74 | 3.00 | (0.34 | ) | — | (0.34 | ) | 20.85 | 1.14 | % | 1.00 | % | 1.28 | % | 16.54 | % | 125,384 | 10 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 16.69 | 0.25 | 1.58 | 1.83 | (0.33 | ) | — | (0.33 | ) | 18.19 | 1.13 | % | 1.00 | % | 1.46 | % | 11.17 | % | 176,670 | 16 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 18.50 | 0.20 | (1.85 | ) | (1.65 | ) | (0.16 | ) | — | (0.16 | ) | 16.69 | 1.10 | % | 1.00 | % | 1.17 | % | (8.93 | %) | 289,863 | 24 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 18.46 | 0.29 | 0.01 | 0.30 | (0.26 | ) | — | (0.26 | ) | 18.50 | 1.10 | % | 1.00 | % | 1.56 | % | 1.70 | % | 220,898 | 41 | % | |||||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $9.59 | $0.13 | ($0.26 | ) | ($0.13 | ) | $— | $— | $— | $9.46 | 1.36 | % | 1.10 | % | 2.77 | % | (1.36 | %) | $27,307 | 17 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.24 | 0.17 | (1.58 | ) | (1.41 | ) | (0.05 | ) | (0.19 | ) | (0.24 | ) | 9.59 | 1.18 | % | 1.10 | % | 1.61 | % | (12.54 | %) | 31,934 | 50 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.50 | 0.19 | 1.79 | 1.98 | (0.29 | ) | (0.95 | ) | (1.24 | ) | 11.24 | 1.16 | % | 1.10 | % | 1.63 | % | 19.24 | % | 89,816 | 52 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.27 | 0.21 | 1.10 | 1.31 | (0.41 | ) | (0.67 | ) | (1.08 | ) | 10.50 | 1.18 | % | 1.09 | % | 2.07 | % | 13.85 | % | 42,798 | 53 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.69 | 0.15 | (0.12 | ) | 0.03 | (0.32 | ) | (0.13 | ) | (0.45 | ) | 10.27 | 1.11 | % | 1.08 | % | 1.37 | % | 0.22 | % | 118,558 | 51 | % | |||||||||||||||||||||||||||||||||
1/14/2015 - 3/31/2015 | 10.00 | 0.03 | 0.66 | 0.69 | — | — | — | 10.69 | 1.24 | % | 1.08 | % | 1.34 | % | 6.90 | % | 127,493 | 8 | % | |||||||||||||||||||||||||||||||||||||
PF International Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $7.51 | $0.18 | ($0.24 | ) | ($0.06 | ) | $— | $— | $— | $7.45 | 1.03 | % | 0.80 | % | 4.84 | % | (0.80 | %) | $59,816 | 13 | % | |||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 10.17 | 0.28 | (1.20 | ) | (0.92 | ) | (0.34 | ) | (1.40 | ) | (1.74 | ) | 7.51 | 0.98 | % | 0.80 | % | 2.99 | % | (8.51 | %) | 64,956 | 54 | % | ||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.31 | 0.30 | 0.99 | 1.29 | (0.43 | ) | — | (0.43 | ) | 10.17 | 0.92 | % | 0.80 | % | 2.95 | % | 14.01 | % | 143,626 | 111 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.35 | 0.21 | 1.03 | 1.24 | (0.28 | ) | — | (0.28 | ) | 9.31 | 0.90 | % | 0.80 | % | 2.43 | % | 15.15 | % | 174,630 | 67 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.51 | 0.16 | (1.19 | ) | (1.03 | ) | (0.13 | ) | — | (0.13 | ) | 8.35 | 0.92 | % | 0.80 | % | 1.80 | % | (10.87 | %) | 140,760 | 73 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.33 | 0.22 | (0.65 | ) | (0.43 | ) | (0.39 | ) | — | (0.39 | ) | 9.51 | 0.91 | % | 0.80 | % | 2.19 | % | (4.07 | %) | 142,653 | 87 | % | |||||||||||||||||||||||||||||||||
PF Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $12.26 | $0.11 | $1.26 | $1.37 | $— | $— | $— | $13.63 | 1.12 | % | 0.90 | % | 1.79 | % | 11.17 | % | $77,723 | 10 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 11.86 | 0.28 | 1.75 | 2.03 | (0.21 | ) | (1.42 | ) | (1.63 | ) | 12.26 | 1.12 | % | 0.98 | % | 2.31 | % | 18.20 | % | 81,713 | 104 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.94 | 0.30 | (0.75 | ) | (0.45 | ) | (0.22 | ) | (2.41 | ) | (2.63 | ) | 11.86 | 1.13 | % | 1.05 | % | 2.12 | % | (4.15 | %) | 41,519 | 47 | % | ||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 15.99 | 0.16 | (0.18 | ) | (0.02 | ) | (0.39 | ) | (0.64 | ) | (1.03 | ) | 14.94 | 1.12 | % | 1.05 | % | 1.01 | % | (0.14 | %) | 39,038 | 27 | % | ||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 16.87 | 0.36 | 0.15 | 0.51 | (0.23 | ) | (1.16 | ) | (1.39 | ) | 15.99 | 1.12 | % | 1.05 | % | 2.33 | % | 3.61 | % | 70,717 | 26 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.19 | 0.22 | 3.11 | 3.33 | (0.31 | ) | (0.34 | ) | (0.65 | ) | 16.87 | 1.11 | % | 1.05 | % | 1.41 | % | 23.69 | % | 49,486 | 34 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-13 |
B-12
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS(Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund | Selected Per Share Data | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended (1) | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||
PF Currency Strategies Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 - 9/30/2019 (6) | $9.20 | $0.05 | $0.02 | $0.07 | $— | $— | $— | $9.27 | 0.87 | % | 0.87 | % | 1.01 | % | 0.76 | % | $62,422 | 27 | % | |||||||||||||||||||||||||||||||||||||
4/1/2018 - 3/31/2019 | 9.12 | 0.07 | 0.01 | 0.08 | — | — | — | 9.20 | 0.87 | % | 0.87 | % | 0.76 | % | 0.88 | % | 44,537 | 97 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.49 | (0.01 | ) | (0.13 | ) | (0.14 | ) | (0.23 | ) | — | (0.23 | ) | 9.12 | 0.88 | % | 0.88 | % | (0.15 | %) | (1.32 | %) | 62,555 | 0 | % | ||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.75 | (0.06 | ) | 0.90 | 0.84 | (1.10 | ) | — | (1.10 | ) | 9.49 | 0.90 | % | 0.90 | % | (0.62 | %) | 8.95 | % | 87,822 | 0 | % | ||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.92 | (0.08 | ) | 0.11 | 0.03 | (0.20 | ) | — | (0.20 | ) | 9.75 | 0.86 | % | 0.86 | % | (0.78 | %) | 0.35 | % | 127,251 | 82 | % | ||||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.41 | (0.07 | ) | 0.79 | 0.72 | (0.21 | ) | — | (0.21 | ) | 9.92 | 0.86 | % | 0.86 | % | (0.76 | %) | 7.69 | % | 187,572 | 141 | % |
(1) | For share classes that commenced operations after April 1, 2014, the first date reported represents the commencement date of operations for that share class. |
(2) | Net investment income (loss) per share has been calculated using the average shares method. |
(3) | The ratios are annualized for periods of less than one full year. |
(4) | The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. |
(5) | The total returns include reinvestment of all dividends and capital gains distribution, if any. Total returns are not annualized for periods less than one full year. |
(6) | Unaudited for the six-month period. |
(7) | The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2019 are as follows: |
Fund | Class P | |||
PF Inflation Managed Fund | 0.55% | |||
PF Managed Bond Fund | 0.55% |
(8) | Reflects an amount rounding to less than $0.01 per share. |
See Notes to Financial Statements |
B-13
Table of Contents
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified,open-end, management investment company, and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2019, the Trust was comprised of thirty-four separate active funds, sixteen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”). All of the Funds listed in the table below (collectively known as the “PF Underlying Funds”) offer Class P shares only, which are sold at net asset value:
PF Underlying Funds | ||||
PF Inflation Managed Fund | PFLarge-Cap Value Fund | PF InternationalSmall-Cap Fund | ||
PF Managed Bond Fund | PFMid-Cap Equity Fund (1) | PF International Value Fund | ||
PF Short Duration Bond Fund | PF Multi-Asset Fund | PF Real Estate Fund | ||
PF Emerging Markets Debt Fund | PFSmall-Cap Value Fund | PF Currency Strategies Fund | ||
PF Developing Growth Fund | PF Emerging Markets Fund | |||
PF Growth Fund | PF InternationalLarge-Cap Fund |
(1) | Class P shares of the PFMid-Cap Equity are currently not available for investment by any fund of funds of the Trust. |
Presently, only the following Fund of Funds, the Investment Adviser, and certain of its affiliates can invest in Class P shares of the PF Underlying Funds.
Fund of Funds (collectively, the “Portfolio Optimization Funds”) | ||
Pacific FundsSM Portfolio Optimization Conservative | Pacific FundsSM Portfolio Optimization Growth | |
Pacific FundsSM Portfolio Optimization Moderate-Conservative | Pacific FundsSM Portfolio Optimization Aggressive-Growth | |
Pacific FundsSM Portfolio Optimization Moderate |
There is a separate semi-annual report containing the financial statements for the Portfolio Optimization Funds, which is available without charge.For information on how to obtain the semi-annual report for these Funds, see the Where to Go for More Information section of this report on page D-6.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
A. INVESTMENT TRANSACTIONS AND INCOME
Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on theex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of theex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.
B. DISTRIBUTIONS TO SHAREHOLDERS
Each Fund presented in these financial statements distributes all of its net investment income and realized capital gains, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Dividends and distributions paid to shareholders are recorded on theex-dividend date. Each Fund may utilize the consent dividend provision of Section 565 of the Internal Revenue Code to effectively distribute income and capital gains for tax purposes even though they are not actually paid by the Fund.
C-1
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C. FOREIGN CURRENCY TRANSLATION
The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated innon-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.
None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.
D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES
Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, andorganizational/start-up costs). Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.
E. OFFERING COSTS
A new Fund bears all costs (or the applicablepro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund, including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.
3. VALUATION AND FAIR VALUE MEASUREMENTS
A. VALUATION POLICY
The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy.
B. DETERMINATION OF NET ASSET VALUE (“NAV”)
Each Fund presented in these financial statements is divided into shares. The price per share of a Fund’s shares is called its NAV. The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.
Each Fund’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.
Each Fund’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the SEC), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.
Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.
C. INVESTMENT VALUATION
The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.
Domestic Equity Investments
For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.
Foreign Equity Investments
For foreign equity investments, the Trust generally uses the official closing price or the last reported sale price from the principal foreign exchanges, which may be earlier than the scheduled close of the NYSE. The Trust then may adjust for market events occurring between the close of certain foreign exchanges and the scheduled close of the NYSE. The Trust has retained an independent statistical analysis service
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(Unaudited)
approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.
Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements
Exchange traded futures contracts, option contracts, and swap agreements are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers. Exchange traded futures contracts, option contracts, and swap agreements for which no approved pricing services are available, are generally valued using the settlement price determined by the relevant exchange.
Over-the-Counter (“OTC”) Investments
OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates gathered from leading market makers.
Domestic and Foreign Debt Investments
Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.
Investments in Mutual Funds
Fund investments in affiliated or unaffiliated mutual funds are valued at their respective published NAVs.
Investment Values Determined by a Valuation Committee
The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC, or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value, a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.
Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.
D. FAIR VALUE MEASUREMENTS AND DISCLOSURES
The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• Level 1 - | Quoted prices (unadjusted) in active markets for identical investments |
• Level 2 - | Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data |
• Level 3 - | Significant unobservable inputs that are not corroborated by observable market data |
The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material policy changes, as determined by the Trust’s CCO, requiring approval by the Board.
The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of September 30, 2019, as categorized under the three-tier hierarchy of inputs, can be found in each Fund’s Schedule of Investments.
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The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:
Equity Securities (Common and Preferred Stock) and Mutual Funds
Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published NAV and are categorized as Level 1.
U.S. Treasury Obligations
U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Mortgage-Backed and Asset-Backed Securities
Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.
Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Municipal Bonds
Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Foreign Government Bonds and Notes
Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Corporate Bonds and Notes and U.S. Government Agency Issues
Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Futures Contracts
Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
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Option Contracts
Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to option contracts, or such valuation adjustments are observable and timely, otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker-dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements forin-the-money,at-the-money, andout-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Forward Foreign Currency Contracts
Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Swap Agreements
Interest Rate Swaps –Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Credit Default Swaps– Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Total Return Swaps– Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Senior Loan Notes
Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Credit-Oriented Investments
Fornon-publicly traded instruments that represent debt to the Trust, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments. The Trust may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of each Fund as applicable. Consideration may also include an evaluation of collateral. To the extent that these inputs are observable and timely, the fair values for credit-oriented investments are categorized as Level 2; otherwise the fair values would be categorized as Level 3.
4. INVESTMENTS AND RISKS
General Investment Risks
An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.
A Fund’s transactions in listed securities are settled/paid for upon delivery to or from their counterparties; therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.
Market and Regulatory Risks
Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
LIBOR Phaseout Risk
The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.
Equity Investments
Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.
Debt Investments
Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.
Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.
Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.
Foreign and Emerging Markets Investments
Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country, or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.
The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. The exact time frame for the implementation of Brexit is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.
The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk and geographic focus risk, among other risks.
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Senior Loan Participations and Assignments
Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR, Secured Overnight Financing Rate, or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.
When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2019, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of September 30, 2019, the PF Managed Bond Fund had unfunded loan commitments of $1,804 (see details in the Notes to Schedules of Investments).
Inflation-Indexed Bonds
Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are debt securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment to interest income.
Mortgage-Related and Other Asset-Backed Securities
Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust, or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.
SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other debt and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are recorded as interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income. Payments received from POs are treated as reductions to the cost and par value of the securities. Any excess principal paydown gains or losses associated with the payments received are recorded as interest income.
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(Unaudited)
U.S. Government Securities
Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies, or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.
When-Issued Securities
Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a delayed-delivery basis, including TBA securities. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.
Repurchase Agreements
Certain Funds may enter into repurchase agreements with institutions that the Investment Adviser orsub-adviser has determined are creditworthy. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying security (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell the security at an agreed upon price and time. Repurchase agreements permit a Fund to maintain liquidity and potentially earn income over periods of time that may be as short as overnight. The collateral for all repurchase agreements are held in safekeeping for the benefit of the Funds at the Trust’s custodian, or broker-dealer, or a designatedsub-custodian under atri-party repurchase agreement. All repurchase agreements entered into by a Fund are collateralized with cash or securities of a type that the Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest, except in the case of a repurchase agreement entered into for the purposes of selling a security short, where the value of the collateral delivered to a Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered into for the purposes of selling a security short may provide that the cash purchase price paid by a Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, a Fund normally will have used the collateral received to settle the short sale, a Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement.
In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to the Fund under the repurchase agreement. Upon an event of default under the repurchase agreement, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited, or wholly denied.
Borrowings and Other Financing Transactions
The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a Fund. The location and fair value amounts of these instruments are described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions see Note 5.
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Reverse Repurchase Agreements –Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.
Sale-Buybacks Financing Transactions– Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.
Short Sales –Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.
When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.
The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increase a Fund’s volatility.
Segregation and Collateral
If a Fund engages in certain transactions, such as derivative investments, repurchase agreements, orrepurchase-to-maturity transactions accounted for as secured borrowings, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/or the manager of the Fund. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.
5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS
A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES
Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts, and swap agreements. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.
Interest Rate Risk– A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.
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Foreign Investments and Currency Risk –A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.
Price Volatility Risk –Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
Credit and Counterparty Risk –Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.
Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.
B. DERIVATIVE INVESTMENTS
In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.
Futures Contracts –A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation bymarking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
During the reporting period, the following Funds entered into futures contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds used futures contracts to manage interest rate risk exposure, as a substitute for cash bond exposure, and for purposes of liquidity. The PF Short Duration Bond Fund entered into interest rate futures to manage duration and yield curve exposure. The PF Multi-Asset Fund entered into futures contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.
Option Contracts –An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying reference asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying reference asset at a specific price on or before a specified future date.
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A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.
The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.
During the reporting period, the following Funds entered into option contracts for the reasons described: the PF Inflation Managed Fund purchased and wrote options on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund purchased and wrote options and swaptions on futures, bond indices, currencies, and swaps and also purchased options on TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund held inflation floors, and the PF Inflation Managed Fund held inflation caps and floors, to hedge duration.
Forward Foreign Currency Contracts –A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. The market value of a Forward Contract fluctuates with changes in foreign currency rates. These contracts aremarked-to-market daily at the applicable forward currency translation rates. A Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
During the reporting period, the following Funds entered into forward foreign currency contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds purchased and sold forward contracts in connection with settling planned purchases or sales of investments, to hedge and manage the currency exposure associated with some or all of the Funds’ investments, to manage interest rate risk and yield curve exposures, and as part of the investment strategy of these Funds. The PF Short Duration Bond Fund entered into Forward Contracts in order to decrease currency exposure. The PF Emerging Markets Debt Fund entered into Forward Contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy. The PF Currency Strategies Fund purchased and soldnon-deliverable Forward Contracts to gain or increase exposure to various currencies (both long and short positions), for hedging purposes to protect the Funds’ returns against adverse currency movements, and as a part of the investment strategies of these Funds.
Swap Agreements –Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps aremarked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.
Interest Rate Swaps– Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest
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rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.
A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
During the reporting period, the following Funds entered into interest rate swap agreements for the reasons described: the PF Inflation Managed and PF Managed Bond Funds entered into interest rate swaps to manage nominal or real interest rate risk in various global markets, and as a substitute for cash bond exposure. The PF Emerging Markets Debt Fund entered into interest rate swaps to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.
Credit Default Swaps– Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.
As a seller of protection, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in acheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).
Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.
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An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.
A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.
A Fund may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.
A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The collateral posted, net of assets received as collateral, for swap agreements is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of September 30, 2019 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
During the reporting period, the following Funds entered into credit default swap agreements for the reasons described: the PF Inflation Managed and PF Managed Bond Funds purchased credit protection through credit default swaps to reduce credit exposure to individual issuers, reduce broad credit risk, and to benefit from price differences between the credit default swap and cash bonds markets. The PF Managed Bond Fund also entered into credit default swaps and credit default swaps on credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, emerging market, mortgage, or other asset classes.
Total Return Swaps– A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.
A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.
During the reporting period, the following Funds entered into total return swap agreements for the reasons described: the PF Multi-Asset Fund entered into total return swaps to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities. An exchange traded investment’s value reflects the cumulative value. Only the current day’s variation margin is reported on the Statements of Assets and Liabilities.
Location on the Statements of Assets and Liabilities | ||||
Derivative Investments Risk Type | Asset Derivative Investments | Liability Derivative Investments | ||
Credit contracts | Outstanding purchased options, at value | Outstanding options written, at value | ||
Equity contracts | Receivable: Variation margin on futures contracts | Payable: Variation margin on futures contracts | ||
Interest rate contracts | Receivable: Variation margin on swap contracts | Payable: Variation margin on swap contracts | ||
Swap premiums paid | Swap premiums received | |||
Swap agreements appreciation | Swap agreements depreciation | |||
Foreign currency contracts | Outstanding purchased options, at value | Outstanding options written, at value | ||
Receivable: Variation margin on futures contracts | Payable: Variation margin on futures contracts | |||
Receivable: Variation margin on swap contracts | Payable: Variation margin on swap contracts | |||
Swap premiums paid | Swap premiums received | |||
Swap agreements appreciation | Swap agreements depreciation | |||
Forward foreign currency contracts appreciation | Forward foreign currency contracts depreciation |
The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2019:
Asset Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2019 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $289,026 | $5,181 | $— | $37,460 | $246,385 | |||||||||||||||
PF Managed Bond | 4,743,746 | 142,351 | — | 1,617,242 | 2,984,153 | |||||||||||||||
PF Short Duration Bond | 36,506 | — | — | — | 36,506 | |||||||||||||||
PF Emerging Markets Debt | 268,876 | — | — | 249,748 | 19,128 | |||||||||||||||
PF Multi-Asset | 44,030,947 | — | 44,030,947 | — | — | |||||||||||||||
PF Currency Strategies | 4,326,314 | — | — | 4,326,314 | — |
Liability Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2019 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($344,603 | ) | ($6,875 | ) | $— | ($32,076 | ) | ($305,652 | ) | |||||||||||
PF Managed Bond | (10,808,723 | ) | (45,232 | ) | — | (1,457,003 | ) | (9,306,488 | ) | |||||||||||
PF Short Duration Bond | (98,148 | ) | — | — | (98,148 | ) | ||||||||||||||
PF Emerging Markets Debt | (405,540 | ) | — | — | (339,325 | ) | (66,215 | ) | ||||||||||||
PF Multi-Asset | (6,539,459 | ) | — | (6,539,459 | ) | — | — | |||||||||||||
PF Currency Strategies | (5,094,387 | ) | — | — | (5,094,387 | ) | — |
The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments, if any, disclosed in the Trust’s Statements of Operations:
Derivative Investments Risk Type | Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | |
Credit contracts | Net realized gain (loss) on futures contract transactions | |
Equity contracts | Net realized gain (loss) on purchased option transactions | |
Interest rate contracts | Net realized gain (loss) on swap transactions Net realized gain (loss) on written option transactions | |
Change in net unrealized appreciation (depreciation) on futures contracts | ||
Change in net unrealized appreciation (depreciation) on purchased options | ||
Change in net unrealized appreciation (depreciation) on swaps Change in net unrealized appreciation (depreciation) on written options | ||
Foreign currency contracts | Net realized gain (loss) on forward foreign currency contract transactions | |
Net realized gain (loss) on futures contract transactions | ||
Net realized gain (loss) on purchased option transactions Net realized gain (loss) on swap transactions | ||
Net realized gain (loss) on written option transactions | ||
Change in net unrealized appreciation (depreciation) on forward foreign currency contracts | ||
Change in net unrealized appreciation (depreciation) on futures contracts | ||
Change in net unrealized appreciation (depreciation) on purchased options | ||
Change in net unrealized appreciation (depreciation) on swaps | ||
Change in net unrealized appreciation (depreciation) on written options |
C-14
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the period ended September 30, 2019:
Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||
Fund | Total | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($239,380 | ) | ($13,465 | ) | $— | $353,959 | ($579,874 | ) | ||||||||||||
PF Managed Bond | 7,693,162 | 235,477 | — | 1,392,698 | 6,064,987 | |||||||||||||||
PF Short Duration Bond | 199,976 | — | — | 1,839 | 198,137 | |||||||||||||||
PF Emerging Markets Debt | (288,253 | ) | — | — | (302,766 | ) | 14,513 | |||||||||||||
PF Multi-Asset | (4,641,426 | ) | — | (4,641,426 | ) | — | — | |||||||||||||
PF Currency Strategies | 897,685 | — | — | 897,685 | — |
Change in Net Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||
Fund | Total | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $21,204 | ($741 | ) | $— | ($40,037 | ) | $61,982 | |||||||||||||
PF Managed Bond | (4,715,136 | ) | 27,985 | — | (955,198 | ) | (3,787,923 | ) | ||||||||||||
PF Short Duration Bond | (140,867 | ) | — | — | (1,839 | ) | (139,028 | ) | ||||||||||||
PF Emerging Markets Debt | (60,668 | ) | — | — | (31,163 | ) | (29,505 | ) | ||||||||||||
PF Multi-Asset | 42,049,531 | — | 42,049,531 | — | — | |||||||||||||||
PF Currency Strategies | (1,025,818 | ) | — | — | (1,025,818 | ) | — |
For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.
The following is a summary of the average number of positions and values of derivative investments by derivative type for the period ended September 30, 2019:
Average Positions and Values of Derivative Investments by Derivative Type | ||||||||||||||||||||||||||||||||||||||||||||
Futures Contracts | Forward Contracts | Options Contracts | Swap Agreements | |||||||||||||||||||||||||||||||||||||||||
Fund | Number of Positions | Value | Number of Positions | Value | Number of Positions | Value | Number of Positions | Value | ||||||||||||||||||||||||||||||||||||
PF Inflation Managed | 13 | ($70,538 | ) | 37 | ($1,567 | ) | 31 | ($16,092 | ) | 54 | ($64,798 | ) | ||||||||||||||||||||||||||||||||
PF Managed Bond | 35 | 160,789 | 76 | 414,487 | 98 | (138,605 | ) | 64 | (3,022,186 | ) | ||||||||||||||||||||||||||||||||||
PF Short Duration Bond | 4 | 52,379 | 2 | 613 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | — | — | 123 | 18,314 | — | — | 5 | (4,323 | ) | |||||||||||||||||||||||||||||||||||
PF Multi-Asset | 3 | (127,137 | ) | — | — | — | — | 38 | 24,256,612 | |||||||||||||||||||||||||||||||||||
PF Currency Strategies | — | — | 83 | (194,435 | ) | — | — | — | — |
The table shown above and the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for each applicable Fund for the period ended September 30, 2019.
C. ENFORCEABLE MASTER NETTING ARRANGEMENTS
Master Agreements and Netting Arrangements– Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements atpre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered undertri-party collateral agreements between the Trust, the Trust’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.
The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of September 30, 2019:
| Gross Amounts Presented in the Statements of Assets and Liabilities | | Gross Amounts Not Offset in Statements of Assets and Liabilities | | Gross Amounts Presented in the Statements of Assets and Liabilities | | Gross Amounts Not Offset in Statements of Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||
Description | | Financial Instruments | | Collateral Received | | Net Amount | | Financial Instruments | | Collateral Pledged | | Net Amount | |||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
PF Inflation Managed | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | $37,460 | ($24,358 | ) | $— | $13,102 | ($32,076 | ) | $24,358 | $— | ($7,718 | ) | ||||||||||||||||||||||||||||||||||
Option contracts | 198 | (198 | ) | — | — | (7,210 | ) | 198 | — | (7,012 | ) | ||||||||||||||||||||||||||||||||||
Swap agreements | 4,274 | — | — | 4,274 | (2,526 | ) | — | — | (2,526 | ) | |||||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (12,094,294 | ) | 11,912,531 | — | (181,763 | ) | |||||||||||||||||||||||||||||||||||||||
PF Managed Bond | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 1,590,444 | (673,011 | ) | — | 917,433 | (1,144,602 | ) | 673,011 | 279,391 | (192,200 | ) | ||||||||||||||||||||||||||||||||||
Option contracts | 2,873 | — | — | 2,873 | (33,729 | ) | — | — | (33,729 | ) | |||||||||||||||||||||||||||||||||||
Swap agreements | 540,557 | — | (314,646 | ) | 225,911 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (44,635,678 | ) | 44,484,357 | 151,321 | — | ||||||||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 249,748 | (186,661 | ) | — | 63,087 | (339,325 | ) | 186,661 | 35,000 | (117,664 | ) | ||||||||||||||||||||||||||||||||||
PF Multi-Asset | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 43,917,552 | (6,539,459 | ) | (35,026,350 | ) | 2,351,743 | (6,539,459 | ) | 6,539,459 | — | — | ||||||||||||||||||||||||||||||||||
PF Currency Strategies | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 4,326,314 | (3,762,225 | ) | — | 564,089 | (5,094,387 | ) | 3,762,225 | 685,620 | (646,542 | ) |
During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral, if any, held by each applicable Fund presented in these financial statements, exceeded the value of the repurchase agreements as of September 30, 2019.
6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”) serves as Investment Adviser to each Fund of the Trust. PLFA manages the PF Multi-Asset Fund. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant toSub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision tosub-advise certain PF Underlying Funds presented in these financial statements. PLFA, as Investment Adviser of the Trust, pays related management fees to thesesub-advisers as compensation for theirsub-advisory services provided to the Trust. As of September 30, 2019, the investment advisory fees that PLFA receives from each Fund presented in these financial statements based upon an annual percentage of the average daily net assets of each Fund, and thesub-adviser of each Fund, are as follows:
Fund | Advisory Fees | Advisory Fee Waiver through July 31, 2020 | Sub-Adviser(s) | |||
PF Inflation Managed | 0.40% | Pacific Investment Management Company LLC | ||||
PF Managed Bond | 0.40% | Pacific Investment Management Company LLC and Western Asset Management Company, LLC(co-sub-advisors) | ||||
PF Short Duration Bond | 0.40% | T. Rowe Price Associates, Inc. | ||||
PF Emerging Markets Debt | 0.785% | 0.02% | Ashmore Investment Management Limited | |||
PF Developing Growth | 0.60% | Lord, Abbett & Co. LLC | ||||
PF Growth | 0.55% | MFS Investment Management | ||||
PFLarge-Cap Value | 0.65% | ClearBridge Investments, LLC |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund | Advisory Fees | Advisory Fee Waiver through July 31, 2020 | Sub-Adviser(s) | |||
PFMid-Cap Equity | 0.65% | Rothschild & Co Asset Management US Inc. | ||||
PF Multi-Asset | 0.35% | |||||
PFSmall-Cap Value | 0.75% | AllianceBernstein L.P. | ||||
PF Emerging Markets | 0.80% | Invesco Advisers, Inc | ||||
PF InternationalLarge-Cap | 0.85% | MFS Investment Management | ||||
PF InternationalSmall-Cap | 0.85% | QS Investors, LLC | ||||
PF International Value | 0.65% | Wellington Management Company LLP | ||||
PF Real Estate | 0.90% | 0.15% | Principal Real Estate Investors LLC | |||
PF Currency Strategies | 0.65% | UBS Asset Management (Americas) Inc. and (effective May 1, 2019) Neuberger Berman Investment Advisers LLC(co-sub-advisers) |
Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The Trust paid the Administrator an administration fee at an annual rate of 0.15% for each of the PF Underlying Funds. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Investment Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust) to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust. Support services do not include any services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.
Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Class P shares of the PF Underlying Funds presented in these financial statements are not subject to a distribution and/or service fee.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES AND EXPENSES FOR SUPPORT SERVICES
The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the period ended September 30, 2019 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2019 are presented in the Statements of Assets and Liabilities.
B. EXPENSE LIMITATION AGREEMENTS
To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets (“expense cap”). These operating expenses include, but are not limited to: administration fees and expenses; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees and expenses; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of each Fund’s business. The expense cap for the PF Underlying Funds (except the PF Multi-Asset, PF InternationalSmall-Cap, and PF Currency Strategies Funds) is 0.15% through July 31, 2020 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2020. The expense cap for the PF InternationalSmall-Cap and PF Currency Strategies Funds is 0.25% through July 31, 2020.
There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the period ended September 30, 2019 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2019 are presented in the Statements of Assets and Liabilities.
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The cumulative expense reimbursement amounts, if any, as of September 30, 2019 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Expiration Date | ||||||||||||||||
Fund | 3/31/2020 | 3/31/2021 | 3/31/2022 | 3/31/2023 | ||||||||||||
PF Inflation Managed | $33,114 | $19,621 | $58,726 | $22,153 | ||||||||||||
PF Managed Bond | 590,876 | 540,942 | 443,715 | 224,965 | ||||||||||||
PF Short Duration Bond | 123,091 | 131,342 | 119,957 | 68,023 | ||||||||||||
PF Emerging Markets Debt | 107,918 | 77,724 | 124,856 | 54,341 | ||||||||||||
PF Developing Growth | 22,807 | 13,829 | 14,826 | 10,130 | ||||||||||||
PF Growth | 82,308 | 89,652 | 112,913 | 61,394 | ||||||||||||
PFLarge-Cap Value | 243,001 | 247,008 | 118,375 | 55,765 | ||||||||||||
PFMid-Cap Equity | 79,956 | 49,499 | 18,220 | 8,042 | ||||||||||||
PF Multi-Asset | 48,872 | 609,033 | 275,571 | |||||||||||||
PFSmall-Cap Value | 104,811 | 75,777 | 53,658 | 26,700 | ||||||||||||
PF Emerging Markets | 433,451 | 516,488 | 310,434 | 147,203 | ||||||||||||
PF InternationalLarge-Cap | 336,014 | 256,803 | 124,692 | 69,012 | ||||||||||||
PF InternationalSmall-Cap | 46,102 | 28,196 | 60,110 | 38,485 | ||||||||||||
PF International Value | 181,721 | 213,419 | 154,717 | 71,381 | ||||||||||||
PF Real Estate | 46,036 | 30,103 | 30,395 | 26,776 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $2,431,206 | $2,339,275 | $2,354,627 | $1,159,941 | ||||||||||||
|
|
|
|
|
|
|
|
There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2019.
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2019, Pacific Life owned 100.00% of the total shares outstanding (aggregate of all share classes) of the PFMid-Cap Equity Fund.
D. INDEPENDENT TRUSTEES
The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed.
Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A and Class P shares of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as anopen-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. The obligation of each Fund under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended September 30, 2019, such expenses increased by $1,712 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2019 the total amount in the DCP Liability accounts was $52,770 for all applicable Funds presented in these financial statements.
E. OFFICERS OF THE TRUST
None of the officers of the Trust received compensation from the Trust.
F. INDEMNIFICATIONS
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust andBy-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
G. INTERFUND TRANSACTIONS
In accordance with Rule17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price,intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board will be asked to determine that the transactions were conducted in compliance with applicable Trust policies and procedures.
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
For the period ended September 30, 2019, there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.
8. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2019, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PF Inflation Managed | $58,070,723 | $61,579,031 | $5,334,489 | $5,286,036 | ||||||||||||
PF Managed Bond | 1,737,050,508 | 1,739,264,221 | 80,467,652 | 77,769,721 | ||||||||||||
PF Short Duration Bond | 44,113,122 | 42,599,193 | 28,781,966 | 25,440,799 | ||||||||||||
PF Emerging Markets Debt | — | — | 18,930,036 | 27,974,024 | ||||||||||||
PF Developing Growth | — | — | 6,521,619 | 8,136,653 | ||||||||||||
PF Growth | — | — | 9,162,043 | 35,061,862 | ||||||||||||
PFLarge-Cap Value | — | — | 9,353,546 | 21,740,759 | ||||||||||||
PFMid-Cap Equity | — | — | 1,854,879 | 1,848,471 | ||||||||||||
PF Multi-Asset | 119,030,703 | 69,272,314 | 241,577,164 | 284,153,150 | ||||||||||||
PFSmall-Cap Value | — | — | 12,918,001 | 17,989,567 | ||||||||||||
PF Emerging Markets | — | — | 12,348,173 | 66,040,640 | ||||||||||||
PF InternationalLarge-Cap | — | — | 3,130,669 | 7,944,635 | ||||||||||||
PF InternationalSmall-Cap | — | — | 4,850,981 | 8,387,001 | ||||||||||||
PF International Value | — | — | 7,542,806 | 10,012,403 | ||||||||||||
PF Real Estate | — | — | 7,869,444 | 19,575,173 | ||||||||||||
PF Currency Strategies | — | — | 27,051,232 | 4,484,859 |
9. SECURED BORROWINGS
The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2019, are summarized in the following table:
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||||
Secured Borrowings | Collateral Type | Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 Days | Total | ||||||||||||||||
PF Inflation Managed | ||||||||||||||||||||||
Sale-buyback financing transactions | U.S. Treasury Obligations | $— | $12,094,294 | $— | $— | $12,094,294 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total borrowings | $— | $12,094,294 | $— | $— | $12,094,294 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
PF Managed Bond | ||||||||||||||||||||||
Sale-buyback financing transactions | U.S. Treasury Obligations | $36,174,720 | $8,460,958 | $— | $— | $44,635,678 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total borrowings | $36,174,720 | $8,460,958 | $— | $— | $44,635,678 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
10. FEDERAL INCOME TAX INFORMATION
Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year or period ended March 31, 2019, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for sale-buyback financing transactions, futures and options, swap income, paydown gain/loss, partnership income, foreign currency transactions, passive foreign investment companies, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
C-19
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, as of March 31, 2019:
Distributable Earnings | Late-Year Ordinary and Post-October Losses Deferral | |||||||||||||||||||||||||||||||
Fund | Accumulated Capital Losses | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late-Year Ordinary Losses | Short-Term Capital Losses | Long-Term Capital Losses | Total | |||||||||||||||||||||||||
PF Inflation Managed | ($9,181,633 | ) | $— | $— | $251,648 | $— | $— | $251,648 | ||||||||||||||||||||||||
PF Managed Bond | (10,615,626 | ) | — | — | 1,294,631 | — | — | 1,294,631 | ||||||||||||||||||||||||
PF Short Duration Bond | (2,825,374 | ) | 1,372,547 | — | — | — | — | — | ||||||||||||||||||||||||
PF Emerging Markets Debt | (7,496,797 | ) | 352,967 | — | — | — | — | — | ||||||||||||||||||||||||
PF Developing Growth | — | — | — | 25,055 | — | 135,133 | 160,188 | |||||||||||||||||||||||||
PF Growth | — | — | 2,496,638 | — | — | — | — | |||||||||||||||||||||||||
PFLarge-Cap Value | — | 376,964 | 3,503,332 | — | — | — | — | |||||||||||||||||||||||||
PF Multi-Asset | — | — | 6,373,980 | 1,377,429 | — | — | 1,377,429 | |||||||||||||||||||||||||
PFSmall-Cap Value | — | — | 993,308 | — | — | — | — | |||||||||||||||||||||||||
PF Emerging Markets | — | 591,402 | 2,382,251 | — | — | — | — | |||||||||||||||||||||||||
PF InternationalLarge-Cap | — | 53,709 | 4,630,687 | — | — | — | — | |||||||||||||||||||||||||
PF InternationalSmall-Cap | (6,996,678 | ) | 1,041,350 | — | — | — | — | — | ||||||||||||||||||||||||
PF International Value | — | — | — | 213,040 | 271,856 | — | 484,896 | |||||||||||||||||||||||||
PF Real Estate | — | 301,393 | 191,443 | — | — | — | — | |||||||||||||||||||||||||
PF Currency Strategies | — | — | — | 159,137 | — | — | 159,137 |
Accumulated capital losses represent net capital loss carryovers as of March 31, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the expiration dates and the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2019 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2019:
Unlimited Period of Net Capital Loss Carryover | Accumulated | Capital Loss Carryover Utilized During the Year Ended March 31, 2019 | ||||||||||||||
Fund | Short-Term | Long-Term | ||||||||||||||
PF Inflation Managed | ($850,349 | ) | ($8,331,284 | ) | ($9,181,633 | ) | $19,794 | |||||||||
PF Managed Bond | — | (10,615,626 | ) | (10,615,626 | ) | — | ||||||||||
PF Short Duration Bond | (807,716 | ) | (2,017,658 | ) | (2,825,374 | ) | 391,755 | |||||||||
PF Emerging Markets Debt | (2,847,247 | ) | (4,649,550 | ) | (7,496,797 | ) | 111,233 | |||||||||
PF Developing Growth | — | — | — | 1,011,567 | ||||||||||||
PF Multi-Asset | — | — | — | 52,422 | ||||||||||||
PF InternationalSmall-Cap | (6,996,678 | ) | — | (6,996,678 | ) | — | ||||||||||
PF Currency Strategies | — | — | — | 3,212 |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2019, were as follows:
Fund | Total Cost of Investments on Tax Basis (1) | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Net Unrealized Appreciation (Depreciation) on Investments | Net Unrealized Appreciation (Depreciation) on Other (2) | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||
PF Inflation Managed | $54,972,651 | $1,210,060 | ($417,749 | ) | $792,311 | $7,168 | $799,479 | |||||||||||||||||
PF Managed Bond | 679,761,311 | 20,596,368 | (6,363,149 | ) | 14,233,219 | (5,972,743 | ) | 8,260,476 | ||||||||||||||||
PF Short Duration Bond | 157,590,416 | 1,798,545 | (75,734 | ) | 1,722,811 | (61,721 | ) | 1,661,090 | ||||||||||||||||
PF Emerging Markets Debt | 62,778,605 | 2,825,790 | (4,789,512 | ) | (1,963,722 | ) | (152,812 | ) | (2,116,534 | ) | ||||||||||||||
PF Developing Growth | 12,091,281 | 2,434,052 | (623,580 | ) | 1,810,472 | — | 1,810,472 | |||||||||||||||||
PF Growth | 84,194,512 | 92,312,424 | (447,388 | ) | 91,865,036 | (129 | ) | 91,864,907 | ||||||||||||||||
PFLarge-Cap Value | 89,920,643 | 76,160,698 | (841,106 | ) | 75,319,592 | — | 75,319,592 | |||||||||||||||||
PFMid-Cap Equity | 9,221,886 | 1,516,585 | (426,393 | ) | 1,090,192 | 4 | 1,090,196 | |||||||||||||||||
PF Multi-Asset | 1,035,251,493 | 10,120,987 | (164,438 | ) | 9,956,549 | 37,491,488 | 47,448,037 | |||||||||||||||||
PFSmall-Cap Value | 62,069,632 | 10,800,531 | (6,699,240 | ) | 4,101,291 | — | 4,101,291 | |||||||||||||||||
PF Emerging Markets | 50,577,159 | 29,707,575 | (2,481,446 | ) | 27,226,129 | (58,893 | ) | 27,167,236 | ||||||||||||||||
PF InternationalLarge-Cap | 35,725,711 | 20,067,708 | (762,816 | ) | 19,304,892 | (16,463 | ) | 19,288,429 | ||||||||||||||||
PF InternationalSmall-Cap | 26,302,723 | 3,665,887 | (2,862,097 | ) | 803,790 | (8,414 | ) | 795,376 | ||||||||||||||||
PF International Value | 63,860,960 | 3,503,090 | (8,077,201 | ) | (4,574,111 | ) | (17,806 | ) | (4,591,917 | ) | ||||||||||||||
PF Real Estate | 59,366,410 | 17,919,786 | (232,735 | ) | 17,687,051 | — | 17,687,051 | |||||||||||||||||
PF Currency Strategies | 62,993,851 | 23,730 | (298,332 | ) | (274,602 | ) | (770,856 | ) | (1,045,458 | ) |
(1) | The difference between the total cost of investments on tax basis and investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals. |
(2) | Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any. |
Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet themore-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2015.
C-20
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
11. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gain distributions to shareholders during the fiscal year or period ended March 31, 2019, were as follows:
Funds | Ordinary Income | Long-Term Capital Gains | Total Distributions | |||||||||
PF Inflation Managed | $2,002,797 | $— | $2,002,797 | |||||||||
PF Managed Bond | 15,588,848 | — | 15,588,848 | |||||||||
PF Short Duration Bond | 2,654,646 | — | 2,654,646 | |||||||||
PF Emerging Markets Debt | 1,235,277 | — | 1,235,277 | |||||||||
PF Developing Growth | — | 95,677 | 95,677 | |||||||||
PF Growth | 562,295 | 10,205,298 | 10,767,593 | |||||||||
PFLarge-Cap Value | 3,580,330 | 61,881,413 | 65,461,743 | |||||||||
PFMid-Cap Equity | 446,362 | 5,318,107 | 5,764,469 | |||||||||
PF Multi-Asset | 15,433,139 | — | 15,433,139 | |||||||||
PF Small Cap Value | 1,150,556 | 15,278,120 | 16,428,676 | |||||||||
PF Emerging Markets | 833,161 | 14,561,366 | 15,394,527 | |||||||||
PF InternationalLarge-Cap | 1,238,466 | 22,780,379 | 24,018,845 | |||||||||
PF InternationalSmall-Cap | 374,460 | 1,498,859 | 1,873,319 | |||||||||
PF International Value | 7,861,965 | 6,034,253 | 13,896,218 | |||||||||
PF Real Estate | 900,002 | 5,570,666 | 6,470,668 |
There were no income and capital gains distributions to shareholders by any of the Funds presented in these financial statements during the period ended September 30, 2019.
12. SHARES OF BENEFICIAL INTEREST
Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended September 30, 2019 and the fiscal year ended March 31, 2019, were as follows:
Six-Month Period ended 9/30/2019 | Year ended 3/31/2019 | Six-Month Period ended 9/30/2019 | Year ended 3/31/2019 | Six-Month Period ended 9/30/2019 | Year ended 3/31/2019 | Six-Month Period ended 9/30/2019 | Year ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 20,238 | 256,207 | 2,922,773 | 6,352,160 | 1,347,362 | 12,928,251 | 121,658 | 2,106,584 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 236,457 | — | 1,537,362 | — | 271,714 | — | 143,304 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (649,805 | ) | (4,377,223 | ) | (5,378,893 | ) | (17,374,944 | ) | (1,400,666 | ) | (9,029,155 | ) | (1,241,966 | ) | (3,595,690 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (629,567 | ) | (3,884,559 | ) | (2,456,120 | ) | (9,485,422 | ) | (53,304 | ) | 4,170,810 | (1,120,308 | ) | (1,345,802 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | 4,648,564 | 8,533,123 | 47,078,053 | 56,563,475 | 15,640,207 | 11,469,397 | 7,806,405 | 9,152,207 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 4,018,997 | 4,648,564 | 44,621,933 | 47,078,053 | 15,586,903 | 15,640,207 | 6,686,097 | 7,806,405 | ||||||||||||||||||||||||||||||||||||
PF Developing Growth Fund | PF Growth Fund | PFLarge-Cap Value Fund | PFMid-Cap Equity Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,679 | 477,855 | 19,666 | 1,636,305 | 45,571 | 6,177,036 | — | 881,298 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 6,044 | — | 437,817 | — | 5,625,143 | — | 2,011 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (76,243 | ) | (270,382 | ) | (881,863 | ) | (3,363,434 | ) | (1,376,680 | ) | (6,523,746 | ) | — | (2,921,454 | ) | |||||||||||||||||||||||||||||
Net increase (decrease) | (73,564 | ) | 213,517 | (862,197 | ) | (1,289,312 | ) | (1,331,109 | ) | 5,278,433 | — | (2,038,145 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 851,393 | 637,876 | 6,855,689 | 8,145,001 | 14,318,522 | 9,040,089 | 880,013 | 2,918,158 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 777,829 | 851,393 | 5,993,492 | 6,855,689 | 12,987,413 | 14,318,522 | 880,013 | 880,013 | ||||||||||||||||||||||||||||||||||||
PF Multi-Asset Fund | PFSmall-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 346,401 | 61,114,150 | 46,043 | 1,765,846 | 30,948 | 2,603,510 | 15,724 | 1,907,404 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 1,819,946 | — | 2,034,155 | — | 1,152,531 | — | 2,217,372 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (10,990,406 | ) | (24,969,892 | ) | (651,608 | ) | (2,466,137 | ) | (3,811,759 | ) | (4,965,180 | ) | (491,255 | ) | (5,136,988 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (10,644,005 | ) | 37,964,204 | (605,565 | ) | 1,333,864 | (3,780,811 | ) | (1,209,139 | ) | (475,531 | ) | (1,012,212 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 115,812,746 | 77,848,542 | 8,599,383 | 7,265,519 | 9,102,089 | 10,311,228 | 5,002,089 | 6,014,301 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 105,168,741 | 115,812,746 | 7,993,818 | 8,599,383 | 5,321,278 | 9,102,089 | 4,526,558 | 5,002,089 | ||||||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 21,828 | 1,285,828 | 46,372 | 2,962,401 | 19,824 | 4,140,280 | 3,578,952 | 1,004,078 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 208,299 | — | 1,854,451 | — | 562,033 | — | — | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (466,994 | ) | (6,156,842 | ) | (663,157 | ) | (10,296,096 | ) | (983,459 | ) | (1,536,045 | ) | (1,686,534 | ) | (3,024,855 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (445,166 | ) | (4,662,715 | ) | (616,785 | ) | (5,479,244 | ) | (963,635 | ) | 3,166,268 | 1,892,418 | (2,020,777 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 3,330,575 | 7,993,290 | 8,647,538 | 14,126,782 | 6,666,827 | 3,500,559 | 4,841,712 | 6,862,489 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 2,885,409 | 3,330,575 | 8,030,753 | 8,647,538 | 5,703,192 | 6,666,827 | 6,734,130 | 4,841,712 |
C-21
Table of Contents
PACIFIC FUNDS
(Unaudited)
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees, administration fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2019 to September 30, 2019.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/19” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/19-09/30/19” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2019 to September 30, 2019.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/19-09/30/19.”
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.
You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses 04/01/19 - 09/30/19 (1) | |||||||||||||
PF Inflation Managed Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,042.00 | 1.16% | $5.92 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.20 | 1.16% | $5.86 | ||||||||||||
PF Managed Bond Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,057.70 | 0.69% | $3.55 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.55 | 0.69% | $3.49 | ||||||||||||
PF Short Duration Bond Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,022.20 | 0.55% | $2.78 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.25 | 0.55% | $2.78 | ||||||||||||
PF Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,009.80 | 0.92% | $4.62 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.40 | 0.92% | $4.65 | ||||||||||||
PF Developing Growth Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $ 968.00 | 0.75% | $3.69 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.25 | 0.75% | $3.79 | ||||||||||||
PF Growth Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,079.10 | 0.70% | $3.64 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.50 | 0.70% | $3.54 | ||||||||||||
PF Large-Cap Value Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,065.30 | 0.80% | $4.13 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Mid-Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,038.10 | 0.80% | $4.08 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Multi-Asset Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,052.00 | 0.51% | $2.62 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.45 | 0.51% | $2.58 | ||||||||||||
PF Small-Cap Value Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,019.50 | 0.90% | $4.54 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.50 | 0.90% | $4.55 |
See explanation of references on page D-2
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PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/19 | Ending Account Value at 09/30/19 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/19 - 09/30/19 (1) | |||||||||||||
PF Emerging Markets Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $997.30 | 0.95% | $4.74 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.25 | 0.95% | $4.80 | ||||||||||||
PF International Large-Cap Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,055.10 | 1.00% | $5.14 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.00 | 1.00% | $5.05 | ||||||||||||
PF International Small-Cap Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $ 986.40 | 1.10% | $5.46 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.50 | 1.10% | $5.55 | ||||||||||||
PF International Value Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $ 992.00 | 0.80% | $3.98 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Real Estate Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,111.70 | 0.90% | $4.75 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.50 | 0.90% | $4.55 | ||||||||||||
PF Currency Strategies Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,007.60 | 0.87% | $4.37 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.65 | 0.87% | $4.39 |
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 366 days. |
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PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS
(Unaudited)
I. Introduction and Background
The Board of Trustees (the “Trustees” or “Board”) of Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and, after the initial period, determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and eachsub-advisory agreement (the“Sub-Advisory Agreements,” together with the Advisory Agreement, as may be amended from time to time, the “Agreements”) between the Trust, PLFA and the varioussub-advisers (each a“Sub-Adviser” and collectively, the“Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds and directly manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income and Pacific Funds High Income (the “PAM Managed Funds”) under the name Pacific Asset Management (“PAM”); and Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth and Pacific Funds Portfolio Optimization Aggressive-Growth (the “Portfolio Optimization Funds” and together with the PAM Managed Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained other third-party firms to serve asSub-Advisers under PLFA’s oversight. The Board, including all of the Trustees who are not “interested persons” of the Trust, PLFA, theSub-Advisers or the distributor, as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at anin-person meeting of the Trustees held on December 12, 2018. The description below does not relate to the annual renewal of the Advisory Agreement andSub-Advisory Agreements discussed above, but to the approval of a newsub-advisory agreement for the PF Currency Strategies Fund and a newsub-advisory agreement with Invesco Advisers, Inc. (“Invesco”) with respect to the PF Emerging Markets Fund, as described in further detail below.
The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to beall-inclusive.
II. Board Consideration of the NewSub-Advisory Agreements
The Board approved an additionalsub-adviser and a newsub-advisory agreement with respect to the PF Currency Strategies Fund effective on or about May 1, 2019, and a newsub-advisory agreement with Invesco, with respect to the PF Emerging Markets Fund, effective May 24, 2019. Under the 1940 Act, a newsub-advisory agreement generally requires shareholder approval; however, pursuant to an exemptive order issued to Pacific Life Insurance Company (“Pacific Life”) by the Securities and Exchange Commission (“SEC”) on October 13, 1999 and relied upon by the Trust and PLFA, PLFA and the Trust can hire, terminate, and replace, as applicable,sub-advisers and enter into newsub-advisory agreements (except, as a general matter,sub-advisers affiliated with PLFA) without shareholder approval in accordance with the requirements of the exemptive order.
PF Currency Strategies Fund
At anin-person meeting on March 27, 2019, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about May 1, 2019, a newsub-advisory agreement with Neuberger Berman Investment Advisers LLC (“NBIA”), with respect to the PF Currency Strategies Fund (for this section only, the “Fund”) (the “NBIASub-Advisory Agreement”) and appointed NBIA as a newco-sub-adviser for a portion of the Fund, joining the existingsub-adviser, UBS Asset Management (Americas) Inc., which manages the remaining portion. In connection with the addition of a newco-sub-adviser, changes were also made to the Fund’s principal investment strategies. NBIA’s appointment asco-sub-adviser and the Board’s approval of the NBIASub-Advisory Agreement were made in accordance with the requirements of the exemptive order and do not require shareholder approval.
In considering the appointment of NBIA asco-sub-adviser for a portion of the Fund, the Board reviewed with PLFA its rationale for recommending a newco-sub-adviser for the Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA’s recommendation that NBIA be appointed as the newco-sub-adviser for the Fund and in evaluating the proposed NBIASub-Advisory Agreement. Additionally, the Board considered the process employed by PLFA in reaching a recommendation for a newco-sub-adviser, including due diligence conducted by PLFA on the investment resources and personnel of a potentialco-sub-adviser and an assessment of the investment strategies used by a potentialco-sub-adviser. In addition, the Board reviewed information provided by PLFA regarding the specific criteria and information evaluated by PLFA during the selection process of NBIA and PLFA’s analysis in reaching its conclusion to recommend NBIA asco-sub-adviser for the Fund. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of thesub-advisers, and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Board believed appropriate. Prior to making a decision, the Trustees also considered the report of PLFA’s Conflicts Review Committee.
In evaluating the proposed NBIASub-Advisory Agreement between PLFA and NBIA with respect to the Fund, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services to be Provided
The Trustees considered the benefits to shareholders of retaining NBIA as aco-sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by NBIA. In this regard, the Trustees considered various materials relating to NBIA, including copies of the proposed NBIASub-Advisory Agreement; copies of NBIA’s Form ADV; financial information; a written presentation from
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PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
NBIA; a comprehensive report including an assessment from PLFA; responses from NBIA to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered verbal presentations at anin-person meeting held on March 27, 2019 from the investment management team of PLFA and from management and investment personnel from NBIA.
The Trustees considered that under the NBIASub-Advisory Agreement, NBIA would be responsible for providing investment advisory services to a portion of the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by that portion of the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of NBIA, including the background and experience of NBIA’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.
In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) had reviewed the written compliance policies and procedures and code of ethics of NBIA. The Trustees also considered the CCO’s assessment of NBIA’s compliance program, as required under Rule38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the NBIASub-Advisory Agreement. The Trustees also took note of the due diligence PLFA conducted with respect to NBIA, and were aided by the assessment and recommendation of PLFA and thein-person presentation and materials provided by NBIA.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by NBIA under the NBIASub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s recommendation of NBIA to serve assub-adviser with regard to a portion of the Fund’sday-to-day investment activities. The Trustees considered factors concerning performance in connection with their consideration of this matter and in connection with approval of the related NBIASub-Advisory Agreement, including the factors described below.
The Trustees considered that the Fund’s historical performance had been obtained under differentsub-advisers, although PLFA has managed the Fund since its inception. The Trustees considered information about the historical performance of a composite managed by NBIA using substantially similar investment strategies (the “NBIA Comparable Performance”). The Trustees considered that this information included a comparison of the NBIA Comparable Performance against the Fund’s benchmark and peer group for the trailingone-, three- and five-year periods as of December 31, 2018, as well as performance for each of the past ten calendar years. The Trustees also considered the risk and risk-adjusted returns of the NBIA Comparable Performance against the Fund’s peer group for the trailingone-, three- and five-year periods as of December 31, 2018. The Trustees also considered the need for NBIA to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.
The Board determined that NBIA’s performance record was acceptable.
C.Sub-Advisory Fees
The Trustees considered comparative fee information regarding the fees charged under other advisory contracts of NBIA with regard to other funds with substantially similar investment strategies as the Fund. The Trustees also considered that the proposedsub-advisory fee schedule under the NBIASub-Advisory Agreement contains breakpoints and is the same as thesub-advisory fee schedule for the existingSub-Adviser, who will serve asco-sub-adviser with NBIA. The Trustees also considered the portion of the advisory fee retained by PLFA and the advisory fee schedule would remain unchanged. In comparing the proposedsub-advisory fees to be paid by the Fund to fees charged by NBIA for the other similarly-managed funds, the Trustees noted that there were differences in the nature of the Fund and those other funds, the services provided to each and the competitive and regulatory landscapes surrounding each that could reasonably be expected to account for differences in fee schedules.
The Trustees noted that thesub-advisory fee rates were the result of arms’-length negotiations between PLFA and NBIA, and that the Fund’ssub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with adding asub-adviser, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of thissub-adviser addition. Additionally, the Trustees considered the services rendered by PLFA to the Fund under the Investment Advisory Agreement.
The Board concluded that the compensation payable under the NBIASub-Advisory Agreement is fair and reasonable, and that the amount of the advisory fee retained by PLFA after paying thesub-advisory fee to NBIA is fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
The Trustees considered information regarding NBIA’s firm-wide costs and profitability. The Trustees noted that any assessment of NBIA’s projected profitability from the Fund would be speculative, would involve assumptions regarding expense allocations and other factors, and would not provide useful information.
The Trustees also considered the organizational strengths of NBIA and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund. The Board concluded that the Fund’s fee structure reflected in the NBIASub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and NBIA concerning other benefits that may be received by NBIA and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with NBIA and the anticipated use of
D-4
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PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
soft-dollars by NBIA. In this regard, the Trustees noted that NBIA represented that it does not anticipate utilizing an affiliated broker-dealer and does not anticipate using soft-dollar credits generated by Fund commissions. The Trustees considered potential benefits to be derived by NBIA from its relationship with the Fund and that such benefits were consistent with those generally derived bysub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the NBIASub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the NBIASub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
PF Emerging Markets Fund
The Board approved a newsub-advisory agreement with Invesco, with respect to PF Emerging Markets Fund (for this section only, the “Fund”), in connection with the acquisition of OppenheimerFunds, Inc. (“Oppenheimer”), the previoussub-adviser to the Fund, by Invesco Ltd., parent company of Invesco, effective May 24, 2019 (the “Acquisition”). The Acquisition, which caused a change of control, resulted in the automatic termination of thesub-advisory agreement with Oppenheimer. In anticipation of the Acquisition, at anin-person meeting on March 27, 2019, based upon a recommendation from PLFA, the Board, including the Independent Trustees, approved, effective upon the effective date of the Acquisition, a newsub-advisory agreement with Invesco for the Fund (the “NewSub-Advisory Agreement”).
The Trustees considered that Oppenheimer currentlysub-advises the Fund pursuant to asub-advisory agreement dated January 1, 2014 (the “CurrentSub-Advisory Agreement”), and that they were being asked to evaluate the NewSub-Advisory Agreement in light of the anticipated sale of Oppenheimer to Invesco, which will result in the automatic termination of the CurrentSub-Advisory Agreement.
In evaluating the NewSub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:
• | The CurrentSub-Advisory Agreement was last renewed by the Board, including all the Independent Trustees, at anin-person meeting on December 12, 2018. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by Oppenheimer; the investment results of the Fund; thesub-advisory fees paid to Oppenheimer; Oppenheimer’s costs in managing the Fund and its profitability from the Fund; and other benefits received by Oppenheimer and its affiliates as a result of their relationship with the Fund. |
• | Oppenheimer represented to the Board that following the transaction, the Fund’s portfolio management team will be moved to Invesco and that will be no changes to the Fund’s portfolio management team under the NewSub-Advisory Agreement. |
• | There is expected to be no change in the level of services provided to the Fund. |
• | Thesub-advisory fee rates under the NewSub-Advisory Agreement are the same as those under the CurrentSub-Advisory Agreement. |
• | The Trust’s CCO had reviewed the written compliance policies and procedures and code of ethics of Invesco. The Trustees also considered the CCO’s assessment of Invesco’s compliance program, as required under Rule38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the NewSub-Advisory Agreement. |
Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the NewSub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the NewSub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
D-5
Table of Contents
PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Part F of Form N-PORT (complete schedules of fund holdings) with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Part F of FormN-PORT, (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.
Availability of Proxy Voting Record
By August 31 of each year, the Trust files information regarding how the Trust’s managers voted proxies relating to fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s’ website and on the SEC’s website noted below.
Information Relating to Investments Held by the Trust
For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectus and Statement of Additional Information (“SAI”). The prospectus and SAI are available as noted below.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to fund securities is described in the Trust’s SAI.
How to obtain Information
The Trust’s prospectus, SAI (including Proxy Voting Policies) and annual and semi-annual reports are available:
• | On the Trust’s website at https://www.pacificlife.com/pacificfunds.html |
• | On the SEC’s website at http://www.sec.gov |
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
D-6
Table of Contents
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors.
Table of Contents
Item 11. Controls and Procedures.
(a) | The Chief Executive Officer and Treasurer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. |
(b) | There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Separate Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)) are attached hereto as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-2(b)) is attached hereto as Exhibit 99.906.CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pacific Funds Series Trust | ||
By: | /s/ Adrian S. Griggs | |
Adrian S. Griggs | ||
Chief Executive Officer | ||
Date: | December 4, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Adrian S. Griggs | |
Adrian S. Griggs | ||
Chief Executive Officer | ||
Date: | December 4, 2019 |
By: | /s/ Trevor T. Smith | |
Trevor T. Smith | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | December 4, 2019 |